Zacua Ventures, a global venture capital firm focused on early-stage technology for the built environment, has closed its second fund, Fund II, at $135 million. The raise more than doubled the size of Zacua’s $56 million debut fund and was 35% oversubscribed, drawing commitments from a growing network of 30+ institutional investors and corporate LPs.

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Zacua's founding partners (from left to right): Mauricio Tessi Weiss, Juan Nieto and Vivin Hegde. Credit: Zacua Ventures

Zacua’s founding partners (from left to right): Mauricio Tessi Weiss, Juan Nieto and Vivin Hegde. Credit: Zacua Ventures

Fund II will focus on the Physical Industries, the foundational sectors that build, power and operate the modern world, spanning construction, critical infrastructure, manufacturing, energy and mining.

Software and digital platforms have absorbed trillions in venture capital over the past three decades, while the real-world systems people depend on – housing, power, infrastructure – were left behind. McKinsey estimates $106 trillion in infrastructure investment is needed globally through 2040, with North American infrastructure fundraising alone up 285 percent in 2025.

Zacua has long believed software alone is not enough, focusing instead on digital and hard technologies applied to physical environments and industries. That thesis, combined with the expertise it has built in construction, now provides a foundation for investing across a much broader set of Physical Industries.

“The industries that underpin modern life are entering a forced transformation cycle,” said Vivin Hegde, Founding Partner at Zacua Ventures. “Housing is out of reach. Energy grids are under pressure. Workforces are aging out. The AI infrastructure buildout is placing even greater demands on the industries already struggling to keep pace. These are not isolated problems; they’re converging across the Physical Industries, a category venture capital has largely overlooked. We built Zacua in construction because we saw these challenges firsthand. Fund II takes what we learned there and applies it to the broader physical world.”

Industries with No Margin for Error

Unlike software, technologies deployed across the Physical Industries have to survive contact with the real world. A bug in an app might mean a bad review. A failed deployment on a construction site, in a mining operation or across a grid upgrade can mean years of delays and losses that can’t be undone. Every solution has to be validated against real operational risk, integrated into existing workflows and carried through adoption cycles that can take years, long before it reaches meaningful scale. As a result, many promising technologies stall between proof of concept and commercial deployment.

“Our team has lived the operational realities of these industries, not just studied them,” said Mauricio Tessi Weiss, Founding Partner at Zacua Ventures. “That’s the difference between backing a good idea and knowing whether it will actually survive a job site. Our corporate network gives us a direct view into how technologies get evaluated and adopted, and that’s what lets us help founders close the gap between a working prototype and a real deployment.”

Fund II focuses on companies building the technology layer for the future of the Physical Economy, just as global infrastructure faces accelerating pressure. Data center power demand alone is projected to rise 27% in 2026 and reach 290 gigawatts by 2030, according to Gartner, while extremely low-income renters in the US alone face a gap of up to 7.2 million affordable homes, according to the National Low Income Housing Coalition.

Rather than another generation of AI copilots, Zacua is backing the companies building the infrastructure the next era demands: founders combining software, robotics and data with the kind of industry expertise that comes only from having worked inside these industries. These are companies solving the problems that never show up in a demo: aging workforces, fragmented workflows, and highly complex physical operations with technologies designed to deliver measurable value in real-world environments.

Fund II is backed by a growing group of 30+ corporate Limited Partners (LPs) and institutional investors across more than 20 countries. Participants span the construction, materials, engineering, infrastructure, real estate and technology industries, and include Volvo Group Venture Capital, Holcim Maqer Ventures, Hilti Venture, Trimble Ventures, Acciona, DPR Construction, Mortenson and Dubai Future District Fund.

A Proven Thesis

Fund II carries forward the model that defined Fund I: a concentrated portfolio, deep founder support and an unmatched corporate network. Zacua’s partners aren’t satisfied with simply writing checks. They facilitate customer introductions, shape fundraising syndicates and step in during pivotal moments. That support is backed by a network of corporate LPs spanning construction, infrastructure and energy, giving portfolio companies a direct line to the customers, partners and industry expertise most early-stage founders spend years trying to access.

Global by design from its founding, Zacua has built a network across North America, Europe, Latin America, Asia and the Middle East, giving its team access to founders and technologies emerging across Physical Industries markets worldwide. With more than half of its investments in North America, Zacua is anchored in the world’s most competitive venture market, while its international network gives portfolio companies access to customers and partners well beyond their home markets.

This founder-first model has already produced a strong track record, with Fund I investments driving exponential growth across several of the category’s most closely watched companies:

  • Document Crunch, a construction risk-management platform deployed on more than 10,000 projects, was acquired by global technology company Trimble earlier this year, marking the firm’s first exit.

  • Gravis Robotics, an ETH Zurich spinout building physical AI for autonomous construction equipment, raised a $200 million Series A from SoftBank earlier this year at a $1 billion valuation, a minority investment that validated Zacua’s early conviction in the company.

  • Flexnode, a digital infrastructure technology company that designs, builds, and operates scalable, modular, and liquid-cooled data centers, raised a $6 million seed investment round led by Zacua.

These are select data points in a broader pattern. Since launching Fund I, Zacua has invested in 34 early-stage companies across 11 markets across North America, Latin America, Europe, the Middle East and Asia, with 100 percent of its portfolio still operating and no down rounds to date. The firm has also posted a Founder NPS of 100 for 3 consecutive years and is the largest early-stage construction tech fund raised to date.

“Fund I proved that our model works in one of the most complex and consequential industries in the world. Fund II allows us to take that same playbook much further,” said Juan Nieto, Founding Partner at Zacua Ventures. “We are not changing what we do. We are applying the same early-stage conviction, founder-first philosophy and industry network across the broader Physical Industries.”

Building on that track record, Zacua has begun deploying Fund II, with early investments including:

  • Origin Robotics, a construction robotics company whose OG1 robot autonomously finishes interior walls, emerged from stealth with $20 million across seed and Series A funding, with Zacua Ventures leading the Series A and Accel leading the seed round.

  • CURA Climate, a cleantech company developing technology to electrify and decarbonize cement production, raised $10 million led by Zacua Ventures, funding a pilot plant that can reduce cement emissions by up to 85 percent.

  • Neuron Factory, an AI-native preconstruction platform using a proprietary knowledge graph to identify risks and coordinate project decisions, secured a strategic investment from Zacua Ventures, Trimble Ventures, Suffolk Technologies, Imad Ventures and existing investors.

“In construction, promising technology only matters if it can perform in the realities of the job site,” said Atul Khanzode, Chief Technology Officer and Member of Leadership Team at DPR CONSTRUCTION. “The solutions with the greatest potential are those that solve real problems for project teams, integrate into existing workflows and demonstrate measurable value in the field. Zacua understands that path from innovation to adoption, and its deep construction network can help founders bridge the gap between a promising technology and something the industry can deploy at scale.”

“The building materials industry is entering a period of significant transformation, and the opportunity extends well beyond incremental improvements to existing processes,” said Bengt Steinbrecher, Head of Holcim Maqer Ventures. “New technologies are creating opportunities to rethink how materials are produced, used and integrated across the construction value chain. Zacua’s focus on the intersection of technology and the Physical Industries gives us early visibility into the founders and solutions that could help shape where our industry goes next.”

“At Hilti, our purpose is making construction better. Technology plays an important role in that, and technology has the greatest impact when it helps the people in the field do their work better, safer and more productively,” said Michael Neidow, EVP and Head of Business Unit Construction Software at Hilti Venture. “Through our partnership with Zacua, we bring our real-world construction insights to founders and help turn promising technologies into real solutions for our industry.”

“When information moves seamlessly from design through field execution, teams can make better decisions before small issues become costly problems,” said Chris Stern, Corporate Vice President and Managing Director at Trimble Ventures. “The next leap in productivity will come from connecting those decisions, and data, across the project lifecycle, rather than digitizing individual tasks in isolation. Investing in Zacua puts us alongside founders tackling those connections and creates opportunities to bring complementary technologies into a more connected construction ecosystem.”

About Zacua Ventures

Zacua Ventures is a global early-stage venture capital firm investing in technologies transforming the built environment, such as construction, manufacturing, energy, mining and infrastructure. Backed by a global network of industry leaders, Zacua partners with founders developing solutions that address the sector’s most pressing challenges – from labor shortages and fragmented workflows to aging infrastructure and industrial productivity. Drawing on deep operational expertise and strategic industry relationships, Zacua helps portfolio companies accelerate commercialization and scale technologies that are reshaping the built world. For more information, please visit zacuaventures.com

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