This new partnership follows the launch of Ferguson Ventures, the company’s Corporate Venture Capital and strategic partnering arm focused on innovation and disruption.
“Helping our customers succeed in a rapidly changing marketplace requires us to proactively explore and leverage technologies within our business and across our customer base,” said Kevin Barnes, Vice President and Managing Director of Ferguson Ventures. “Teaming up with RocketSpace further immerses us in the global startup ecosystem. It also helps us envision what’s truly possible and provides us with the building blocks to start creating a tangible solution that will thrive in today’s increasingly digital environment.”
“Ferguson is a $16.7B company shaping the future of its industry - now, through the power of emerging technologies,” said Brad Strum, Vice-President of Corporate Innovation at RocketSpace. “We are excited to partner with Ferguson Ventures to conceptualize how construction technology can help increase productivity and efficiency for their customers, who face unprecedented challenges like the shortage of skilled trade professionals.”
As part of the partnership, Ferguson and RocketSpace will explore multiple focus areas where construction technology can help solve industry challenges, add value to their partners and scale across their customer base. In addition to their investment fund, Ferguson Ventures also created an innovation lab to explore industry-changing innovations and oversee pilot programs designed to help Ferguson customers across the country.