Zacua Ventures closes $135m Fund II for construction and infrastructure tech

Fund size and focus

San Francisco-based venture firm Zacua Ventures has closed its second fund at $135 million, more than doubling the $56 million it raised for its first fund in 2024. The new fund targets early-stage startups in construction, infrastructure, energy, mining, manufacturing, and housing.

The firm will increase its bets on robotics, AI-powered machinery, and new building materials. These areas are now seen as critical to modernizing industries that have historically lagged in technology adoption.

Who is behind the fund

Zacua Ventures is backed by over 30 corporate and institutional investors from more than 20 countries. Notable names include Volvo Group, Holcim, Hilti, and Trimble—all leaders in construction, manufacturing, and heavy industry.

These investors are not passive Limited Partners. Their role includes providing industry expertise to evaluate startups and offering their networks to help portfolio companies secure customers and pilot projects.

Track record and early deployments

Since its 2024 launch, Zacua has invested in 34 startups across 11 markets, with more than half of those in North America. Two notable outcomes stand out: Document Crunch, a construction risk-management platform, was acquired by Trimble earlier this year, and Gravis Robotics, a Swiss startup developing AI for autonomous construction machinery, raised $200 million from SoftBank at a $1 billion valuation.

The firm has already deployed capital from its new fund into three startups: Origin Robotics, which builds robots for autonomous interior wall finishing; CURA Climate, developing technology to reduce emissions from cement production; and Neuron Factory, an AI platform for construction project planning.

Why this matters for founders

Investor interest in construction technology is rising as AI moves from software into physical work. Bedrock Robotics, for example, recently raised $600 million for its autonomous excavators after securing paid contracts.

Zacua points to a McKinsey estimate projecting $106 trillion in global infrastructure investment by 2040 as evidence of the market’s scale and urgency for innovation.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Zacua Ventures’ $135 million close signals that deep-pocketed corporates—Volvo Group, Holcim, Hilti, and Trimble—are now treating construction and infrastructure tech as a strategic asset, not just a financial bet. Founders in these sectors can expect more patient, hands-on capital that brings both funding and industrial partnerships. The quick follow-on fund and the SoftBank-backed $1 billion valuation for Gravis Robotics also mark a maturing benchmark for hardware-heavy startups that were once considered too capital-intensive for early-stage VCs.

Key takeaways

• Zacua’s $135 million fund more than doubles its 2024 debut, showing that limited partners remain willing to back long-horizon, hardware-enabled startups.
• Corporate investors—Volvo Group, Holcim, Hilti, and Trimble—are not just writing checks; they are providing market access and technical validation, which lowers customer-acquisition costs for portfolio companies.
• Robotics and AI-powered machinery now command billion-dollar valuations in construction, setting a new bar for Series B checks.
• The fund’s global spread (34 investments across 11 markets) suggests founders can scale hardware products across regions without rebuilding from scratch.

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