New Masco Ventures aims to invest in startups
Masco has established a new subsidiary that will invest in companies that can increase the manufacturer’s foothold in the home improvement and building products market.
Masco Ventures is a new $50 million venture capital fund and fully-owned subsidiary of Masco Corporation.
According to the Livona, Mich.-based company, the fund will target investments in products and services that improve water management, create a connected in-home experience, enhance our customer service, and provide different ways to reach new and existing end-use customers of Masco products.
This fund is focused on partnering with startups to improve the way consumers experience and enjoy their homes, from making renovations and repairs faster and more affordable, to providing better quality water and preventing damage, Masco said.
Masco Ventures will invest in startups where Masco can add value in the form of subject matter expertise, commercial relationships, innovation, or leveraging Masco’s global distribution channels within the building products industry.
An investment will typically range from $500,000 to $5 million, with reserves for follow-on investments.
"Innovation has been the hallmark of Masco since our founder, Alex Manoogian, introduced the single-handle faucet in 1954,” said Keith Allman, CEO of Masco. "We believe that this fund will allow us to continue our history of innovation and support our long-term growth strategy. Our investment underscores our commitment to enhance the way consumers all over the world experience and enjoy their living spaces."
Touchdown Ventures, a firm specializing in corporate venture capital, will help manage the Masco Ventures fund. Touchdown will work closely with senior executives of Masco and its brands in all aspects of operating the fund.
“We are excited about what Masco can bring to entrepreneurs through the company’s industry relationships, vast distribution, and deep subject matter expertise,” said David Horowitz, co-founder and CEO of Touchdown Ventures. “We believe Masco will be the partner of choice for innovators seeking to improve the way consumers experience their homes and create a competitive advantage for their startups.”
Masco’s portfolio of brands includes Behr paint; Delta and Hansgrohe faucets, bath and shower fixtures; Kichler decorative and outdoor lighting; and HotSpring spas.
