We have had quite some success in our first fund with our early investment in Infra.Market ( more on that here). Let’s start at the start □ Tül started as the mega-distributor for distributed construction hardware stores What is it that makes both companies so successful? So with our inside view as investor in both firms, we want to answer: Besides Tül, the other category-leader we backed early is Infra.Market. We’re fortunate to be early investors not only in one, but in both of the category-defining ConTech marketplaces globally. But more importantly: It puts Tül among the fastest-growing ConstructionTech marketplaces globally. This places Tül among the fastest growing tech firms across the LatAm.It went to market in Colombia in May 2020, after Enrique, Juan Carlos and Nicolas had founded Tül in February 2020. Tül is in the market for just 20 months.This makes Tül the highest valued- ConstructionTech in LatAm. Tül is based in Colombia and category-leading across Latin America. Tül is not in the US, Europe or India.We’ve all become so used to mega-rounds in the past year. Today news broke that our portfolio company Tül had completed its most recent growth round: $181M on an $800M post, with an exclusive club of investors in 8VC, Avenir, Coatue, Tiger Global, Lightrock and others. However tangible progress has been limited which has helped boost support for the main opposition party, Sinn Fein.What a start into 2022. Ireland’s coalition government has announced a series of measures, external which are intended to increase housing supply. However, unemployment among previously employed construction workers is at a record low which the council says research suggests is likely due to high emigration from 2008–2012 of this cohort. It warned there could be "a limited desire" for employees to switch into construction work due to "a multitude of scarring effects from the sector’s collapse in the late 2000s".ĭuring Ireland’s property and banking crisis thousands of construction workers lost their jobs and businesses. "This suggests that without significant immigration of building workers over coming years, or a switching of workers into construction from other sectors, it is unlikely that the shortage of dwellings in Ireland will be meaningfully addressed," the council said. That peak level of construction employment coincided with peak annual inward migration of 151,100. The council points to official figures which show that last year there were just over 63,500 workers in construction, compared to a peak of 115,550 in 2007. It warned that one of the difficulties in tackling the problem is a shortage of skilled workers. ‘This context is important for understanding the main causes of Ireland’s capacity constraints, and their effect on the sustainability of economic growth over the medium term." "Forecasts for new dwellings construction are only sufficient to keep pace with a rising population, rather than addressing the stock’s shortfall," it said. However the council warns that the economy is now hitting capacity constraints, external, primarily housing. Ireland’s economy has recovered relatively strongly from the pandemic and inflation is now falling from its recent peak. It describes the shortfall in the housing stock as "a fundamental challenge" for the Irish economy. The Fiscal Advisory Council said investment in housing has been low in Ireland for more than a decade. Housing has become one of Ireland’s biggest social, economic and political issues. A housing shortage in the Republic of Ireland will not be solved without "significant immigration" of construction workers or by persuading people to switch from other sectors, an economic watchdog has warned.
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