Suffolk Technologies Announces the Closing of a $110M Venture Fund
Gunderson Dettmer represented Suffolk Technologies, a venture capital platform affiliated with Suffolk Construction, in the formation of Suffolk Technologies Fund 1, its inaugural $110 million venture fund. Suffolk Technologies Fund 1 is seeded by John Fish, Suffolk Chairman and CEO, and led by Wan Li Zhu and Jit Kee Chin with Puneet Mahajan. The fund will focus on investing in companies in the construction technology, real-estate tech and software areas that make construction more sustainable.
In the announcement of the fund formation, Suffolk founder, chairman and CEO John Fish said, “The cost to build today is greater than the value that you’re creating. Construction costs have grown so signiﬁcantly during the pandemic and post pandemic because of supply-chain issues, labor shortages and economic confusion. We’re in a very envious position to have the capital, to have the opportunities and most importantly, have the demand for innovation in our category.”
The Gunderson Dettmer deal team was led by Nick Guttilla and included Garabed Koosherian and Luke Charette.