Zacua Ventures closes $135 million Fund II, doubling size

Zacua Ventures’ move from a $56 million first fund to a $135 million second fund reflects a deliberate expansion beyond construction, the sector where the firm built its initial track record. The firm says Fund I proved its model in what it calls one of the most complex industries, and it is now applying the same early-stage, founder-first approach across the broader set of industrial sectors it labels the “Physical Industries.” The 35 percent oversubscription and commitments from more than 30 corporate and institutional investors across over 20 countries suggest demand from strategic backers for exposure to these areas. Zacua’s existing portfolio offers examples of the kinds of companies it is targeting: Gravis Robotics, an ETH Zurich spinout developing physical AI for autonomous construction equipment, raised $200 million in Series A funding from SoftBank earlier this year at a reported $1 billion valuation; Origin Robotics, whose OG1 robot autonomously finishes interior walls, emerged from stealth with $20 million in seed and Series A financing, with Zacua leading the latter round. The firm’s first exit came earlier this year when construction risk-management software company Document Crunch was acquired by Trimble. Zacua says its corporate investor network gives portfolio companies access to industrial customers, technical expertise and opportunities to test emerging technologies in operational environments — a potential advantage for early-stage companies selling into conservative industrial buyers.