Foundamental launches Third Construction Tech Fund, Doubling Down on India bets

Mumbai, September 17, 2025: Foundamental, the world’s leading venture capital platform dedicated to the project economy (project-based sectors such as construction, infrastructure, and heavy-industry supply chains), has debuted its third fund to double down on its India and APAC bets in addition to other global markets. The firm, led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, aims to have final close of Fund III by end of calendar 2025.

A $12 Trillion Opportunity

Construction and infrastructure – at the heart of the project economy – represent a ~$12 trillion opportunity over the next decade, catalyzing capacity building across talent, digital infrastructure and supply chains, and remain among the least digitized global industries. This digitization gap is the opening for the next category leaders in these project-driven sectors – an ecosystem that touches up to a third of global GDP.

As Co-founder and General Partner of Foundamental since 2019, Bhattacharya helped turn construction-tech from a forgotten corner of venture capital into a global growth story. Launching with $60 million when sector funding barely reached $4.5 billion, he argued the market would take off once it crossed the $5 billion threshold – a thesis that has since proven true, with cumulative funding surging past $37 billion by 2024. Today, Foundamental’s portfolio spans more than 22 countries and over 75 geographies.

“Backing winners and market leaders across continents has helped us compound our knowledge, enabling us to spot the founder traits that win and the business models that endure in the project economy. Being a global investor gives us this distinctive unfair advantage in partnering with Indian founders,” said Bhattacharya.

India at the Core of Global Strategy

India has emerged as one of Foundamental’s strongest markets. Portfolio companies such as Infra.Market and Infraprime Logistics are preparing IPOs, underlining the scale and maturity of opportunities in the country. Drawing on experience across APAC, Europe and the Americas, Foundamental brings cross-border customer pathways and long-horizon support typical for project-based industries – with vertical-specific insight to anticipate hurdles and spar as a true partner, facilitating learning transfer from other geographies into India, and support for internationalization.

“As India undergoes a once-in-a-century transformation in infrastructure, the need for efficiency, transparency, and technology has never been greater. Fund III allows us to deepen our commitment to India while continuing to invest globally,” said Bhattacharya.

Expanding Global Reach

Beyond India, Foundamental has built a strong global track record, backing standout companies such as Enter (Germany), Snaptrude (US), Tazapay (Singapore), Monumental (Netherlands), and Speckle (UK) – each transforming critical parts of the project economy in their respective markets

Today, Foundamental invests across 22 countries and seven core verticals within the broader project economy – leading pre-seed to Series A rounds with tickets ranging between $500,000 and $5 million:

• Construction & Building Materials
• Infrastructure
• CAD, Architecture & Engineering
• Renovation
• Supply Chain & Logistics for Heavy Industry
• Lot-size 1 manufacturing
• Aerospace & Defence and Shipbuilding

With a global footprint spanning the Americas, Europe, Asia Pacific, and MENA, Fund III will expand this reach, while India remains a cornerstone market.

Building on a Record of Strength

Fund III builds on the momentum of Fund I (2019) and Fund II (2022) that rank in the top 10% globally among peers launched in their respective years, underscoring Foundamental’s top tier track record of finding winners in the construction tech niche.

“Our capital platform bundles global blue-chip investors investing in the project economy. A remarkable feature of our platform is that all investors from Fund I and Fund II have returned as LPs in Fund III, with 40% doubling their commitments and 60% more than doubling their allocations. These commitments were raised in record time, entirely from inbound demand and without the need for traditional fundraising roadshows; in fewer than 20 meetings – reflecting the trust of our existing LPs and the conviction of new ones,” said Bhattacharya.

Corporate Comm India (CCI Newswire)