Scouting Report: 125 ConTech Startups to Watch in 2023
The ConTech narrative whispers you’ve heard are correct both anecdotally and quantifiability:
- ConTech has proven it can create decacorns (the ambitious cousin of unicorns…congrats to Procore on its IPO!)
- COVID-19 accelerated technology adoption across construction
- Venture investment activity has increased substantially over the past decade
- Category winners have emerged, but adoption fears around market size, scale, staying power, and a declining product experience post-acquisition are limiting massive outcomes (20BN+)…for now.
Finally, despite its recent upward trajectory, construction tech remains significantly under-capitalized when compared to construction’s contributions to GDP (.56% vs. 3.9%).
So, what’s next for ConTech? In this report, we share our thesis and include a landscape view into 125 companies we find have a shot at defining 8 core categories over the next decade, take a deeper look at adoption trends, GTM challenges, and previously successful exit outcomes in the space.
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