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DEALS | Brookfield, Fifth Wall bet big on e-retail for construction

Backed by one of the world’s largest asset managers, Material Bank wants to reinvent real estate supply chains by aggregating hundreds of thousands of design and construction materials.

Brookfield, which has more than $700bn in assets under management, led a $175m fundraise in the startup through its technology investment arm, Brookfield Growth.

Other investors included Fifth Wall, SoftBank Vision Fund 2 and RXR.

Launched in 2019, Material Bank aggregates products from 500 brand partners in an effort to “remove the friction” of architects and designers searching, sampling and specifying the products they need.

Users can search for more than 300,000 products, order samples until midnight, Eastern Time, and receive them by 10:30am the next morning.

Josh Raffaelli, managing partner at Brookfield, said: “As one of the largest developers in the world, Brookfield is a proponent of standardising the sampling and specification process to build beautiful spaces in a sustainable and efficient manner.

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“Material Bank is reinventing the way in which architects, designers and corporate users search and sample by creating a unified platform with fast fulfilment capabilities.

“This instantly connects hundreds of suppliers with target customers and streamlines a historically lengthy selection process.”

Available throughout the US and Canada, Material Bank replaces physical materials libraries with a digital marketplace powered by a large-scale, robotics distribution facility in Memphis, Tennessee.

Of its new partnership with Brookfield, Adam Sandow, founder and CEO of Material Bank, said: “[T]here 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.

“We believe 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.”

The fundraise takes Market Bank’s total funding to more than $325m.

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