Early-stage venture firm Prudence has closed its third fund with $80 million of capital commitments. Launched in 2009, Prudence has invested in early-stage tech companies over the last 15 years. Prudence invests in many verticals, such as construction, real estate, infrastructure, and climate adaptation.
Prudence has $230 million in assets under management and invested in industry-leading companies like Compass (IPO), CREXi, and CASAFARI. And this latest fund tops the size of the firm’s last, a $65 million fund (previously unannounced) raised in 2020. This fund continues the firm’s strategy of making concentrated, high-conviction investments in early-stage companies with large market opportunities and great founding teams. Prudence invests from the seed to Series B stage and leads or co-leads investment rounds to invest in 10-15 companies per fund and supports its founders through active roles as both an investor and board member.
Prudence already made initial investments in the third fund, including AI Clearing (AI-powered autonomous construction progress tracking and quality control platform); Propexo (unified API for property management software that enables engineers to launch integrations within days rather than months); and VendorPM (software platform that modernizes how property managers work with vendors by automating vendor management, sourcing, procurement, and compliance).
KEY QUOTES:
“We are grateful to our limited partners for their support and confidence in our team and investment thesis. We are excited to continue investing behind best-in-class founders who are transforming the built world through the development of advanced software solutions, data infrastructure capabilities, and artificial intelligence applications. Companies in the built environment have pushed the boundaries of what can be accomplished with people and processes, and their futures will be defined by how effectively they can solve pain points with software and automation.”
– Gavin Myers, Managing Partner of Prudence
“Our principal focus is investing in and building differentiated, defensible, and durable software businesses. Founders choose to work with us because of our sector specialization and nuanced understanding of the technical problems they are trying to solve in these large and underdeveloped markets. Our limited partners similarly appreciate that we are experienced technology investors who have developed a specialization in the built world and thus can apply both lenses when evaluating companies.”
– Jordan Viniar, a Partner at Prudence
