Construct Venture
Construct Venture is an Oslo-based venture capital firm, founded in 2018 by AF Gruppen and OBOS, that backs early-stage construction-tech and property-tech startups across the Nordics. It is not a water fund: its one tracked water bet is 7Analytics, a Norwegian startup that predicts flood risk with AI. As of 2026, (don't) Waste Water rates its water commitment Occasional.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Construct Venture is the in-house venture arm of two of Norway's biggest names in building: AF Gruppen, one of Scandinavia's largest contractors, and OBOS, the country's largest housing developer. The two set it up in 2018 as a NOK 80 million joint fund with a deliberately narrow brief, to back early-stage startups in construction and property technology, the unglamorous software and hardware the building industry actually runs on. Its whole edge is sector focus: where a generalist fund sees a pitch deck, Construct Venture's owners can hand a startup a live building site to pilot on.
Construct Venture is not a water fund, and it does not pretend to be one. Across a portfolio that runs to construction-tech names like Spacemaker, the AI site-planning tool Autodesk later bought, and the smart-parking startup Parqio, exactly one company shows up in my water data: 7Analytics. The Bergen-founded startup uses AI and high-resolution terrain data to predict, building by building, where water will pool when it rains, the kind of flood-risk modelling a contractor or an insurer pays close attention to. It is the one place where Construct Venture's construction thesis and water plainly overlap.
Construct Venture first backed 7Analytics in its 2022 seed round, a startup's first big outside cheque, alongside Momentum Partners and OBOS Oppstart, and came back in for the 2024 round that brought in Scale Capital, without ever leading one. That is exactly the shape (don't) Waste Water's Occasional rating is built to flag: one water company across two rounds, none of them led, a construction-tech investor that found a single flood-risk bet that fit its world rather than a firm building a water portfolio. The water exposure here is a by-product of a construction thesis, not a strategy of its own.
Construct Venture matters for water less as a water investor than as a sign of where water is leaking into other people's theses. Flooding is a construction and property problem before it is a utility one, and a fund owned by a contractor and a housing developer is exactly the kind of backer that treats flood prediction as core infrastructure. For anyone tracking who funds water, the lesson is to watch the construction-tech funds too, because that is where bets like 7Analytics get written.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Construct Venture invest in?
- Construct Venture invests in early-stage construction-technology and property-technology startups across the Nordics, the software and hardware the building industry runs on. Owned by contractor AF Gruppen and housing developer OBOS, Construct Venture is a sector specialist, not a water fund; within water its only tracked investment is 7Analytics, a flood-risk prediction startup.
- Is Construct Venture a water fund?
- No. Construct Venture is an Oslo-based construction-tech and property-tech venture capital firm, and (don't) Waste Water rates its water commitment Occasional. Construct Venture has backed a single tracked water company, 7Analytics, but water is not a stated thesis; flood risk simply overlaps with its core focus on the building and property industry.
- What water company has Construct Venture backed?
- Construct Venture has backed one tracked water company, 7Analytics. Founded in Bergen, Norway, 7Analytics uses artificial intelligence and high-resolution terrain data to predict flooding building by building. Construct Venture first invested in its 2022 seed round and followed in a 2024 round led by Scale Capital, without leading either.
- Who runs Construct Venture?
- Construct Venture is run by Managing Director Jan Fossgård, with Sjur Magnus Ringøen as Investment Manager, from Oslo. The firm was established in 2018 by its two owners, the contractor AF Gruppen and the housing cooperative OBOS, which supply both its capital and the live construction projects its startups can pilot on.
- Where is Construct Venture based?
- Construct Venture is headquartered in Oslo, Norway, and invests primarily across the Nordic region. Founded in 2018 as a NOK 80 million joint fund between AF Gruppen and OBOS, Construct Venture focuses on early-stage construction-tech and property-tech, with flood-analytics startup 7Analytics as its one tracked water investment.