Material Bank, a proptech marketplace for architectural, design and construction materials, announced today raising a $175 million equity funding round led by Brookfield Growth, according to a press release.
The Series D funding round also included participation from notable names including Fifth Wall, SoftBank Vision Fund 2 and RXR, and is planned to expand Material Bank’s global footprint, power strategic acquisitions and allow for new investments in the architecture, design and construction industries.
The company, which connects global brand partners to simplify searching, sampling and specifying materials for architecture and interior design projects, says it has experienced large-scale growth since its launch in 2019 and plans to leverage the new investment and relationship with Brookfield to foster “deeper relationships within the real estate and construction industries to benefit its growing list of brand partners.”
Material Bank also says that its users are able to search more than 300,000 SKUs on a single website, order samples until midnight ET and receive all materials in a single box by 10:30 a.m. the next morning. It says it accomplishes this by combining its large-scale, robotic logistics facility with a scalable digital marketplace to provide these materials for more than 90,000 currently active members.
By partnering with one of the largest real estate investors in the nation, with over $700 billion in assets under management and over $250 billion in real estate, this funding and partnership should give Material Bank a large network of developers and designers to tap into moving forward.
It also gives Brookfield a better hold on its supply chain and gives the firm protection against material-related construction delays that may impact its portfolio.
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“Material Bank is reinventing the way in which architects, designers, and corporate users search and sample by creating a unified platform with fast fulfillment capabilities,” stated Josh Raffaelli, Managing Partner at Brookfield, in the release.
“This instantly connects hundreds of suppliers with target customers and streamlines a historically lengthy selection process. As one of the largest developers in the world, Brookfield is a proponent of standardizing the sampling and specification process to build beautiful spaces in a sustainable and efficient manner. We recognize Material Bank’s unique ability to facilitate this at scale and are excited to partner with the team in transforming our industry,” Raffaelli said.
Additional new investors 9Yards Capital and Echo Street also participated in the round, as well as previous Series B and C investors including Bain Capital Ventures, Durable Capital Partners, General Catalyst, BOND, Raine Ventures and Lead Edge Capital.
In other recent proptech news, Fairstead launched a $100 million investment vehicle aimed at affordable housing and sustainable development. Digital CRE transaction platform Lev also secured a $170 million equity and debt fundraise.