Total amount raised
$323.2 Millions
Latest funding date
05/01/2022
Location
Material Bank has successfully raised funds through multiple rounds, with the latest being a Series D round. The platform provides a comprehensive solution for architects and interior designers to search, sample, and specify materials from leading brands.
Keep reading to explore the intricacies of Material Bank's fundraising journey and the investors backing this innovative platform.
What Is Material Bank?
Material Bank, founded in 2018 by Adam Sandow, is headquartered in Boca Raton, Florida. The company serves as a marketplace for design professionals and brands in the architecture and design industry.
Material Bank offers a platform that allows architects and designers to search, sample, and specify materials from hundreds of brands. The platform ensures that samples ordered by midnight are delivered by 10:30 a.m. the next day.
With a workforce of 251-500 employees, Material Bank also provides additional services such as a Brand Partner Program, Workspace Tools, Sustainability Initiatives, and a University Program.
How Much Funding Has Material Bank Raised?
- Series A
- Amount Raised: $20.2M
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish a strong market presence and develop the platform's core functionalities.
- Series B
- Amount Raised: $28M
- Date: April 2020
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and enhance logistics operations.
- Series C
- Amount Raised: $100M
- Date: May 2021
- Lead Investors: Durable Capital Partners, General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: October 2021
- Lead Investors: FJ Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series A
- Amount Raised: Not publicly disclosed
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Series D
- Amount Raised: $175M
- Date: May 2022
- Lead Investors: Brookfield Growth
- Valuation at Round: $1.9 billion
- Motivation Behind the Round: To foster relationships within the real estate and construction industries, expand global presence, and make strategic acquisitions.
Total Amount Raised: $323.2M
Current Valuation: $1.9 billion
Key Investors
- Brookfield Growth
- Details: Brookfield Growth is the technology investment arm of Brookfield Asset Management Inc. It led the $175 million Series D funding round for Material Bank.
- Investment Focus Areas: Growth equity investments, real estate, infrastructure, renewable power.
- Notable Investments: Not publicly disclosed.
- FJ Labs
- Details: FJ Labs is a venture capital firm that invests in early-stage companies. It participated in the secondary market funding round for Material Bank.
- Investment Focus Areas: Marketplaces, e-commerce, SaaS.
- Notable Investments: Not publicly disclosed.
- Durable Capital Partners
- Details: Durable Capital Partners is an investment firm focused on long-term growth. It was a key investor in the Series C funding round for Material Bank.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Not publicly disclosed.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. It co-led the Series C funding round for Material Bank.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Not publicly disclosed.
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital arm of Bain Capital, focusing on early to growth-stage investments. It led the Series B funding round for Material Bank.
- Investment Focus Areas: Fintech, healthcare, enterprise software.
- Notable Investments: Not publicly disclosed.
What's Next for Material Bank?
Material Bank stands on the brink of significant growth, buoyed by a $175 million Series D funding round led by Brookfield Growth. This investment positions the company to expand its global presence and foster deeper relationships within the real estate and construction industries. With a valuation nearing $1.9 billion, the opportunities for growth are vast, particularly in leveraging digitalization trends in the architecture and design sectors.
Future fundraising appears promising, given the strong market confidence and participation from high-profile investors. Material Bank may attract further investments to support its expansion and strategic acquisitions. However, challenges such as integrating new acquisitions and maintaining service quality as the company scales could pose hurdles. Navigating competitive pressures in the digital marketplace will also be crucial for sustained success.
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