CRH launches new venture capital fund

Building materials specialist CRH announced the launch of its new venture capital unit CRH Ventures on Friday, which it said would support the development of “new technologies and innovative solutions” to meet the “increasingly complex needs” of customers and evolving trends in construction.

The FTSE 100 company said that with access to a $250m venturing and innovation fund to invest, CRH Ventures would partner with construction and climate technology companies, operating across the construction value chain.

It said CRH Ventures would focus on cutting-edge technologies at the core of the construction industry, investing in companies developing the next generation of advanced sustainable building products and accelerating the industry's path to decarbonisation; expanding automation and off-site construction methods to build more efficiently and safely; leveraging digital technologies to build smarter; and increasing market efficiency and optimisation to deliver better value for customers.

“The launch of CRH Ventures demonstrates our continued commitment to investing in new technologies that will shape the built environment of tomorrow,” said chief executive officer Albert Manifold.

“CRH Ventures will serve as a valuable partner to start-ups and entrepreneurs that will benefit from the technical capabilities, knowledge and expertise of a global industry leader, to pilot and scale new technologies and innovations that will enable safer, smarter, and more sustainable construction.”

At 1043 GMT, shares in CRHG were down 0.42% at 3,163.5p.

Reporting by Josh White for Sharecast.com.