US-based home improvement products manufacturer Masco set up a $50m corporate venture capital fund yesterday that will be managed by Touchdown Ventures.
Masco Ventures said it would invest $500,000 to $5m in early and growth-stage companies targeting products and services that improve water management, create a connected home, enhance customer service and find ways to improve customer relationships.
Keith Allman, CEO at Masco, which owns the Delta Faucet, Behr Paint Company and Hansgrohe Group brands, said: “This fund will allow us to continue our history of innovation and support our long-term growth strategy.”
David Horowitz, co-founder and CEO of Touchdown, added: “We are excited about what Masco can bring to entrepreneurs through the company’s industry relationships, vast distribution, and deep subject matter expertise.”
Touchdown manages other corporations’ venture programmes, including most recently Colorcon, T-Mobile and Scotts Miracle-Gro.
