Masco Corp. in Livonia, a Fortune 500 company and a leader in the design, manufacture, and distribution of branded home improvement and building products, today announced the establishment of Masco Ventures, a $50-million venture capital fund focused on innovation.
Masco Ventures, a fully owned subsidiary of Masco Corp., will oversee the fund. The goal is to assist startups that are strategically relevant to Masco’s brands, including Behr paint, Delta and Hansgrohe faucets, bath, and shower fixtures, and Hot Spring spas.
The fund will target investments in products and services that improve water management, create a connected in-home experience, enhance Masco’s customer service, and provide different ways to reach new and existing end-use customers of the company’s products.
The venture capital group may partner 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.
Funding opportunities will be considered across multiple stages, but will emphasize early and growth stage companies that demonstrate product and market fit, and the ability to scale.
Masco Ventures will invest in startups where Masco can add value in the form of subject matter expertise, commercial relationships, innovation, or leveraging the corporation’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,” says 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,” says 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.”
For more information about Masco Ventures, visit masco.com.
Masco Corp. has its roots in Masco Screw Products Co., which was founded in Detroit in 1929 by Alex Manoogian. A supplier of automotive parts initially, the company expanded into home goods like the Delta faucet in the 1950s.