New York, NY, May 06, 2022 (GLOBE NEWSWIRE) -- Material Bank, the world’s largest marketplace for architectural, design, and construction materials, today announced it has secured $175M in Series D funding led by Brookfield’s technology investment arm Brookfield Growth, with participation from additional strategic partners Fifth Wall, SoftBank Vision Fund 2, and RXR. This significant raise brings the company’s total funding to more than $325M.
Material Bank intends to leverage the new capital and strategic partnership with Brookfield to foster deeper relationships within the real estate and construction industries to benefit its growing list of brand partners. It will support the company’s expanding global footprint, power strategic acquisitions, and allow for further investments in innovative solutions for the multi-billion dollar architecture, design, and construction industries.
“We have been fortunate to raise capital over the last few years from some of the best financial firms in the world, and with this raise, we turned our focus to strategic investors—and there is no better partner for our business than Brookfield given their massive holdings in real estate and related industries as well as their incredible track record of helping their portfolio companies grow,” said Adam I. Sandow, Founder and CEO of Material Bank. “We believe that the synergies between Material Bank and Brookfield will have a material impact on the speed of our growth and provide new opportunities to help our almost 500 brand partners capture additional market share.”
With $700B in assets under management and over $250B of that in the real estate market, Brookfield owns, operates, and develops iconic properties in the world’s most dynamic markets. The company’s diverse portfolio spans everything from office, retail, multifamily, and logistics to hospitality, residential, triple net lease, and student housing assets on five continents.
“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,” said Josh Raffaelli, Managing Partner at Brookfield. “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.”
Material Bank has experienced extraordinary industry adoption and growth since its 2019 launch. By providing a scalable digital marketplace combined with a large-scale, robotic logistics facility, Material Bank seamlessly connects its global brand partners to its more than 90,000 active members. Material Bank has transformed the industry by removing the friction that exists when searching, sampling, and specifying materials for architecture and interior design projects. Users are able to search from 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 am the next morning.
Continuing the forward momentum with Brookfield added to its exceptional roster of strategic investors, this financing will accelerate Material Bank’s execution of its mission to simplify design decisions. Additional new investors 9Yards Capital and Echo Street participated in the round, as well as all of the large investors from the Series B and C rounds, including Bain Capital Ventures, Durable Capital Partners LP, General Catalyst, BOND, Raine Ventures, and Lead Edge Capital, among others.
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About Material Bank
Material Bank is a marketplace for design professionals and brands in the architecture and design industry, providing the fastest and most sustainable way to search, sample, and specify materials. Named as one of Business Insider’s Top Hottest Proptech Startups and Forbes’ Best Startup Employers, the revolutionary platform powers complex searches across hundreds of brands in seconds. Samples ordered by midnight (ET) are delivered in a single box by 10:30 AM the next day. With a rapidly growing community of members, Material Bank has changed the way material manufacturers and brands connect with the architecture and design industry.
About Brookfield:
Brookfield is a leading global alternative asset manager with approximately $700 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity, and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital, and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. Brookfield is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A respectively.
Brookfield Growth is the technology investment arm of Brookfield. Founded in 2017, Brookfield Growth seeks to partner and invest growth equity into market-leading technology companies that can leverage the diverse real assets and operating businesses that make up the $700 billion Brookfield economy.
For more information, please visit brookfield.com/brookfield-growth
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