We’re proud to share that Construct Capital has closed $300 million for our third fund.
When we started Construct in 2020, we did so with a simple but urgent belief — that foundational industries had been left behind. Manufacturing, logistics, mobility, critical infrastructure, defense, and the other sectors responsible for making our economy run had been starved of early stage investment, of modern tools, and of entrepreneurial energy. These industries weren’t broken because they were destined to be obsolete. They were broken because we stopped investing in them in favor of solutions like labor arbitrage and similar analog solutions. Technologies of the last 25 years — let alone the most recent advances — have not been applied to these spaces, and this represents a once-in-a-generation investment opportunity.
Fund III is a continuation of that original thesis, but it’s also something more. It’s a reflection of what we’ve learned by partnering with over 40 companies over the last five years — founders who are using software, automation, AI, and connected hardware to build solutions that are both technically ambitious and economically essential. We’re fortunate to have an incredible team of investors who understand these spaces deeply and seasoned operational support for our day-to-day investing work.
We continue to believe that early-stage venture capital has a critical role to play at this moment — as long-term partners to the founders who are doing the hard work of rebuilding huge industries. We embrace a boutique style and commercial mindset at Construct. We have a concentrated portfolio which makes us different from both seed funds and multi stage firms who have large portfolios. We strive to give dedicated attention especially in the early days at critical moments where small decisions can drive long term success. We aren’t just focused on getting our companies to the next round — we have the experience to support founders through the full journey of company building.
This means we purposefully constrained the size to our hardcap of $300M because we believe this is the right size to build a concentrated portfolio while providing full team support.
We are thankful to our limited partners — endowments, foundations, and family offices — many of whom have been with us since Fund I and who share our commitment to this vision. Through spending time with founders transforming foundational industries, we’ve never been more optimistic. There’s a revolution underway in the way we make the economy more efficient, industrials more productive, and the world more safe — and we’re honored to support the entrepreneurs leading the way.
You can read more about our full point-of-view on foundational industries here. We’d love to hear from you.
Dayna Grayson & Rachel Holt
Co-founders and General Partners