Foundamental, a venture capital platform focused on project-based sectors such as construction, infrastructure and heavy-industry supply chains, has launched its third fund to strengthen its India and APAC presence alongside other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, the fund is expected to reach final close by end-2025. 

Construction and infrastructure, representing a ~$12 trillion opportunity over the next decade, remain among the least digitised global industries. This gap, Foundamental believes, presents scope for new category leaders in the project economy, which touches nearly a third of global GDP. 

“Backing winners and market leaders across continents has helped us compound our knowledge, enabling us to spot the founder traits that win and the business models that endure in the project economy. Being a global investor gives us this distinctive unfair advantage in partnering with Indian founders,” said Bhattacharya, Co-founder and General Partner, Foundamental. 

India has become a core market, with portfolio companies like Infra.Market and Infraprime Logistics preparing IPOs. “As India undergoes a once-in-a-century transformation in infrastructure, the need for efficiency, transparency, and technology has never been greater. Fund III allows us to deepen our commitment to India while continuing to invest globally,” added Bhattacharya. 

Foundamental has invested in companies such as Enter (Germany), Snaptrude (US), Tazapay (Singapore), Monumental (Netherlands) and Speckle (UK). Its funds rank among the top 10 per cent globally in their vintage years, with all previous LPs returning for Fund III and many increasing commitments.