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Foundamental’s $ Fund III aims to back India-focused construction-tech startups while expanding its global footprint across 22 countries and 7 key project economy sectors.
Foundamental, the venture capital platform focused on the global project economy-spanning construction, infrastructure, and heavy-industry supply chains - has announced the launch of its third fund, signaling a renewed focus on India and APAC alongside other global markets. The Berlin-based firm, led by Managing Partners Shubhankar Bhattacharya and Patric Hellermann, aims to close Fund III by the end of 2025.
Betting on a $12 Trillion Opportunity
The construction and infrastructure sectors sit at the heart of the project economy and are projected to represent a $12 trillion opportunity over the next decade. Despite this scale, these industries remain among the least digitized globally, creating enormous potential for tech-driven startups.
“Backing winners and market leaders across continents has helped us identify the founder traits and business models that endure in the project economy,” said Bhattacharya, Foundamental’s Co-founder and General Partner. “Being a global investor gives us a distinctive advantage in partnering with Indian founders.”
India: A Core Focus
India has emerged as one of Foundamental’s most promising markets. Portfolio companies such as Infra.Market and Infraprime Logistics are preparing IPOs, reflecting the scale and maturity of the opportunity. Drawing on experience from APAC, Europe, and the Americas, Foundamental supports Indian founders with cross-border customer pathways, internationalization strategies, and long-horizon support tailored to project-based sectors.
“As India undergoes a once-in-a-century transformation in infrastructure, the need for efficiency, transparency, and technology has never been greater,” Bhattacharya noted. “Fund III allows us to deepen our commitment to India while continuing to invest globally.”
Expanding Global Reach
Beyond India, Foundamental has backed standout companies across the world, including Enter (Germany), Snaptrude (US), Tazapay (Singapore), Monumental (Netherlands), and Speckle (UK). Its investments span 22 countries and seven verticals within the project economy, including construction materials, CAD/architecture/engineering, renovation, heavy-industry logistics, lot-size 1 manufacturing, and aerospace & defense. Typical tickets range from $500,000 to $5 million, focusing on pre-seed to Series A rounds.
A Track Record of Trust
Fund III builds on the momentum of Fund I (2019) and Fund II (2022), which rank in the top 10% globally among their peers. Notably, all investors from the previous funds have returned for Fund III, with 40% doubling their commitments and 60% more than doubling them. Remarkably, the fund was raised in fewer than 20 meetings, entirely from inbound demand, highlighting strong trust in Foundamental’s strategy.
With Fund III, Foundamental is not only expanding its global footprint but also doubling down on India, betting on the next generation of construction-tech innovators to transform the project economy.
