Heavy Hitters: The Digital Industrial Podcast 113. Alice Leung, Brick & Mortar Ventures - Building Out the Future of Construction Tech
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Nov 17, 2025 
Alice Leung, Principal at Brick & Mortar Ventures and Ventures Lead for Formwork Labs, shares her journey from construction operations to venture capital. She discusses the launch of Formwork Labs, aimed at bridging gaps in construction tech for founders. Alice highlights key drivers behind the surge in construction tech investment, such as digitization and labor shortages. She also explores the dual nature of industry experience in founders and the critical need for structured data in the sector, emphasizing the future of construction as a dynamic supply chain.
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Operator-To-VC Transition
- Alice moved from DPR construction operations into VC to work with many startups rather than just one.
- She found advising portfolio companies and shaping go-to-market strategies more rewarding than single-job implementation.
Construction Tech Defined Broadly
- Brick and Mortar defines construction tech as the full construction process from design through operations.
- The firm invests globally at seed and Series A with an average check size of about $4M and runs Formwork Labs accelerator.
Create A Translation Layer
- Build community across startups, industry professionals, and investors to bridge knowledge gaps.
- Educate founders on construction go-to-market and help investors underwrite sector-specific risks.