Material Bank Secures An Additional $175M in Funding
New York, NY, May 6, 2022-Material Bank-a marketplace for architectural, design, and construction materials-has secured $175 million 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 $325 million.
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.
With $700 billion in assets under management and over $250 billion 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 has experienced significant 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 eastern time, 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.