The venture capital arm of Boston-based Suffolk Construction plans to raise millions for a new fund, regulatory documents show.
Suffolk Technologies, which invests in startups in the construction and real estate sectors, intends to raise $100,000,000 for the new fund, according to a filing with the U.S. Securities and Exchange Commission this week.
A spokesperson for Suffolk said this is the firm’s first filing with the SEC but declined to comment further on the new filings, citing regulatory reasons.
The spokesperson said the Roxbury-based firm supports companies working across the building lifecycle including real estate investment and development, architecture engineering, construction and property management.
Suffolk Technologies prefers to invest in early-stage startups, the spokesperson added, but has supported companies ranging from pre-product to more than $100 million in revenue.
The firm was founded in 2019 and has since backed 23 companies, according to its website, including the Boston-based workplace experience software company HqO and Trade Hounds, an app that connects trade workers to job-related discussions and employment opportunities.
Suffolk Technologies also runs a six-week program for technology startup founders working to address construction industry challenges. Its most recent Demo Day in December 2021 featured six startup finalists from more than 100 applicants. The founders participated in discussions with Suffolk leaders, MIT professors and Suffolk Technologies portfolio company founders, and worked with Suffolk CoLab Construction solution directors to look at testing their technologies on Suffolk project sites.
Wan Li Zhu, who previously served as a founding adviser and consultant for Suffolk Technologies, joined the firm as managing director in April 2021. Zhu was previously a partner at Boston-based Fairhaven Capital and founded and runs MIT Alumni Angels.
