Denver-based alternative asset manager, Bow River Capital, is set to boost portfolio with a majority stake investment in Vitruvi, a prominent construction tech firm specializing in geospatial-based construction management software. This investment is the 8th of its kind for Bow River’s Software Growth Equity Team.
Vitruvi, founded in 2016, offers a specialized solution trusted by leaders in Telecommunications, Energy and Utilities, and Renewable Power. The company has digitized workflows and analytics, all designed strategically to enhance execution. These functions include Design and Planning, Financial Controls, Scheduling, Field Production Reporting, Quality Assurance, and Compliance and Reporting. Additionally, all these elements integrate seamlessly with geospatial information system (GIS) designs.
A growth-focused partnership with Bow River Capital
Bryan McIver, Vitruvi’s Founder and CEO, is confident about partnering with Bow River.
After spending six plus months building relationships and aligning on our Company’s vision and values with the Bow River investment team and their Power Network, we are thrilled to partner with their firm to seek to rapidly scale the industry’s most capable, cloud-based construction management software platform.”
Bryan McIver, Founder and CEO, Vitruvi
Also read: VEERUM’s digital twin software tech gets CA$9.3M for growth
Bow River Capital, founded in 2003, is a Denver-based private alternative asset management company. It invests in the lower middle market in four asset classes. These include software growth equity, private credit, private equity, and real estate.
Steven Joanis, Managing Director of Bow River’s Software Growth Equity team believes Vitruvi’s platform is critical for providing compliance, financial management, and accurate business decision support.
Vitruvi’s single source of truth for large end-to-end construction projects is critically important to create efficiency and foster collaboration for a world that, we believe, will continue to grapple with unprecedented deployment of capital in communications and utility infrastructure.”
Steven Joanis, Managing Director, Bow River’s Software Growth Equity team
Bow River’s investment aims to boost Vitruvi’s growth. Additionally, it plans to drive rapid innovation within Vitruvi’s product suite and support its global expansion. Vitruvi’s current management team will stay in charge, backed by the expertise of Bow River’s Power Network.
The slow adoption of con-tech in Canada
According to a KPMG Canada survey, while Canadian construction organisations recognise the promise of digital construction technology (con-tech), many are not prioritising its deployment. Furthermore, the survey finds that while 90% of businesses feel digital technology may improve employee efficiency, industry adoption remains modest.
The report states that 73% of organizations believe Canada is lagging behind other countries in implementing con-tech. However, 80% of organizations express intrigue about its potential. Adoption obstacles, according to the survey, include the quick speed of technological change, the expense of investment, and the affordability of trained tradespeople in Canada.
