US-based plumbing and pipe valves and fittings distributor Ferguson Enterprises has named Blake Luse managing director of its investment arm, Ferguson Ventures.
Luse joined Ferguson in 2005 and held multiple sales and business development positions before helping form and run Ferguson Ventures in 2018 as a director at the unit. Global Corporate Venturing selected him as an Emerging Leader last month.
Ferguson Ventures invests in companies at late seed-to-series C stage, having led three rounds including a $1.5m series A round earlier this month for steel pipe-manufacturing management software developer PypeServer, where Luse holds a board seat.
Luse told GCV: “We have closed nine deals since our launch in August 2018 and opened an innovation lab in Atlanta. This momentum presents great opportunities to continue connecting innovators focused on the built world with the resources, industry expertise and capital necessary to launch transformation in the construction and services industries.
“I look forward to helping our portfolio companies thrive by leveraging Ferguson’s industry-leading position, expertise, national footprint, and deep customer and vendor relationships.”
His promotion entails a senior director role at Ferguson which will involve Luse leading its overall corporate venture capital (CVC) and innovation initiatives in addition to his duties at Ferguson Ventures.
Luse added: “I am excited about the opportunity to lead Ferguson Ventures and expand on the foundation our team has set. Corporate venture is a way that we will drive innovation in the industry and deliver value to our customers through partnerships with the entrepreneurial ecosystem.
“We continue to pull best practices and learn from other CVCs in the industry. Our focus now is on identifying quality investment opportunities, portfolio development, upcoming follow-on rounds and overall awareness of Ferguson Ventures in the venture capital community. These areas will present both opportunities and challenges, but we will face them head-on as a team.”
Kevin Barnes, vice-president for Ferguson and former managing director of Ferguson Ventures, will depart from the parent company at the end of next month.
Concerning Luse’s new appointment, Barnes said: “Blake has been instrumental in the progress we have made at Ferguson Ventures since our launch in early 2018, and his leadership will provide great continuity moving forward.”
Photo courtesy of Blake Luse.
