Construct Capital raises $300M fund for defense and manufacturing tech

Construct Capital, an early-stage venture capital firm that invests in startups applying technology to sectors like manufacturing, transportation, and defense, has closed its third fund with $300 million in capital commitments.

The Washington D.C.-based firm previously raised a $225 million second fund and a $75 million capital pool for later-stage companies in 2022.

While many emerging managers are struggling to raise fresh funds, Construct’s capital haul underscores institutional investors’ interest in backing VCs focused on the growing field of defense tech amid rising geopolitical tensions, along with the Trump administration’s push to increase domestic manufacturing.

The firm was founded in 2020 by former NEA partner Dayna Grayson and Rachel Holt, who was previously an executive at Uber. Construct has invested in startups like Hadrian, which uses software to manufacture parts for the defense and aerospace industries, and Veho, a company specializing in last-mile e-commerce delivery from distribution centers to customers.