Construct Capital is an early-stage venture capital firm founded in 2020 by Dayna Grayson and Rachel Holt. It backs founders modernizing foundational industries — manufacturing, aerospace and defense, logistics and supply chain, energy, semiconductors, and mobility — sectors that have seen comparatively little technological change, and it invests at the earliest institutional stages.
Grayson previously led industrial-technology investing at NEA; Holt was a longtime 📝Uber executive who ran its US and Canada rides business. In April 2022 the firm raised $300 million: $225 million for its second early-stage fund and $75 million for a vehicle reserved for later-stage opportunities in select companies. It runs a high-conviction, concentrated strategy of roughly 20 companies per fund, and has since announced a $300 million third fund. Portfolio companies include Hadrian (space and defense manufacturing), Veho (parcel delivery), Sphere Semi (analog chip design), and ReadyOn (hourly workforce scheduling).