Zacua Ventures closes $135 million fund for construction and infrastructure tech

Overview

Updated 44 minutes ago

Zacua Ventures closed its second fund at $135 million on November 10. The raise was 35% oversubscribed and more than double the $56 million debut fund the San Francisco firm built around construction technology.

Most of the money comes from companies that buy what construction produces: Volvo Group Venture Capital, Holcim, Hilti, Trimble, Acciona, DPR Construction, Mortenson. That gives Zacua's portfolio companies a customer list most early-stage investors cannot offer, and it is the reason the firm says it can push hardware past the prototype stage.

Why it matters

Construction, power and mining have absorbed far less venture money than software. A $135 million fund tests whether that gap is closing.

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Key Indicators

$135M

Size of Zacua Fund II

Closed November 10, 2026, more than double the firm's first fund.

35%

Oversubscription

Investor demand exceeded the fund's target by 35%.

$56M

Size of Zacua Fund I

The debut fund, which the firm describes as the largest early-stage construction tech fund raised.

30+

Corporate and institutional investors in Fund II

Spread across more than 20 countries.

Companies in the Fund I portfolio

Across 11 markets, with no down rounds reported as of the Fund II close.

$106T

Global infrastructure investment needed through 2040

McKinsey estimate cited by Zacua as the demand backdrop for the fund.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Vivin Hegde

Founding Partner, Zacua Ventures

Managing Fund II

Mauricio Tessi Weiss

Founding Partner, Zacua Ventures

Managing Fund II

Juan Nieto

Founding Partner, Zacua Ventures

Managing Fund II

Organizations Involved

Zacua Ventures

Venture capital firm

Deploying Fund II

A San Francisco venture firm that started in construction technology and now invests across construction, energy, mining, manufacturing and infrastructure.

Trimble Inc.

Public company (NASDAQ: TRMB)

Fund II limited partner; acquirer of Document Crunch

A positioning and construction technology company that invests in Zacua's funds and bought one of its portfolio companies.

CURA Climate

Cleantech company

Fund II portfolio company

A startup developing technology to electrify and decarbonize cement production.

Origin Robotics

Construction robotics company

Fund II portfolio company

A robotics company whose OG1 machine autonomously finishes interior walls.

Timeline

2026 November 2026

5 events Latest: Yesterday

Tap a bar to jump to that date

November 2026
Fund II closes at $135 million
Latest Fundraising

Thirty-five percent oversubscribed; more than double the $56 million first fund.
Yesterday
First Fund II checks disclosed
Deployment

CURA Climate, Origin Robotics and Neuron Factory named as early recipients.
Yesterday
August 2026
Toda Corporation signs on to Fund II
Investment

First Japanese company to invest in a Zacua fund.
August 28th, 2026
2026
Trimble buys Document Crunch
Exit

Zacua's first portfolio exit; platform was deployed on more than 10,000 projects.
2026
Gravis Robotics raises $200 million from SoftBank
Funding

ETH Zurich spinout building autonomous construction equipment valued at $1 billion.
2026

Scenarios

A Fund II company gets bought by one of the fund's own corporate investors

Possible Resolves by End of 2029

Discussed by: Zacua's own fundraising materials, which lead with the Trimble-Document Crunch exit as proof the model works; construction trade press covering corporate venture arms

The clearest test of Zacua's pitch is whether its corporate backers become buyers. Trimble already did it once, acquiring Document Crunch from Fund I. If Volvo, Holcim, Hilti, Acciona or DPR follow, the fund's argument that its investor base is a sales channel gets harder to dispute. If no Fund II company is acquired within three years, the exit record rests on a single deal.

CURA Climate's cement pilot reaches commercial production

Uncertain Resolves by Q2 2029

Discussed by: Zacua Ventures announcement materials and cement-industry decarbonization coverage

CURA's $10 million round is financing a pilot plant that the company says can cut cement emissions by up to 85%. Cement is among the hardest industrial processes to clean up, and pilot plants frequently stall on cost and heat management. A commercial-scale plant would be the strongest evidence that Fund II's alternative-materials bets can clear the deployment gap Zacua itself describes.

Zacua raises a third fund larger than $135 million

Possible Resolves by End of 2029

Discussed by: Venture fundraising analysts tracking the built-environment sector; Dealroom and Law360 coverage of the Fund II close

Fund II doubled Fund I and closed oversubscribed, the pattern firms cite before raising again. A larger Fund III would mean the corporate-investor model scales beyond construction into energy and mining. A flat or smaller fund would suggest the appetite is concentrated in a handful of industrial giants rather than broad.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2015 - June 2021

Katerra (2015-2021)

Katerra launched with a plan to vertically integrate architecture, factory-built components and on-site assembly, promising to cut construction costs and schedules. SoftBank's Vision Fund poured money in, and the company grew to thousands of employees across multiple factories. It filed for bankruptcy in June 2021.

Then

Projects stalled, factories were sold or closed, and hundreds of millions in invested capital was written down.

Now

Investors moved away from capital-heavy construction companies and toward software and narrowly scoped hardware, a shift that shaped the funds that followed.

Why this matters now

Katerra is the cautionary case behind Zacua's stated preference for early-stage checks and equipment that gets validated on real job sites rather than factory networks built in advance.

2017 - May 2020

Sidewalk Labs Quayside, Toronto (2017-2020)

Alphabet's Sidewalk Labs proposed a sensor-rich waterfront district in Toronto, with modular buildings, heated sidewalks and data-driven street design. The project drew sustained objections over data collection and public control of the land, and the financing terms were never settled.

Then

Sidewalk Labs withdrew in May 2020 and the waterfront plan reverted to a conventional development process.

Now

The episode became the standard example of how built-environment technology fails on politics and procurement rather than engineering.

Why this matters now

Zacua's partners argue that a technology's survival depends on whether it fits existing workflows and risk rules. Quayside shows what happens when it does not.