CRH, the world's second-largest building materials supplier, has announced the establishment of a new venture capital unit.
CRH Ventures will have access to $250m of funding, which it says will be used to support the development of new technologies and innovative solutions to construction industry's needs.
The company said the new unit will partner with construction and climate technology companies, operating across the construction value chain.
It aims to invest in companies that are developing the next generation of advanced sustainable building products and accelerating the industry's path to decarbonisation, expanding automation and off-site construction methods to build more efficiently and safely, leveraging digital technologies to build smarter and increasing market efficiency and optimisation to deliver better value for customers.
Albert Manifold, the chief executive of CRH, said the launch of CRH Ventures demonstrates the company's continued commitment to investing in new technologies that will shape the built environment of tomorrow.
"CRH Ventures will serve as a valuable partner to start-ups and entrepreneurs that will benefit from the technical capabilities, knowledge and expertise of a global industry leader, to pilot
and scale new technologies and innovations that will enable safer, smarter, and more sustainable construction," the CEO added.
