Construct Capital

Construct Capital is a San Francisco early-stage firm founded in 2020 by Dayna Grayson, formerly of NEA, and Rachel Holt, formerly of Uber. Fund III closed at $300M in 2024, taking total capital to around $750M across three funds. The thesis backs tech-first transformation of foundational industries: manufacturing, logistics, defence, energy, aerospace, mobility and semiconductors. Industrial-relevant holdings include Hadrian in space and defence manufacturing, Veho in parcel logistics, Verve Motion in industrial wearables and Sphere Semi in analog chip design.