has established a new accelerator backed by a €20 million venture fund to drive digital innovation in the construction industry.
Covolve is being headed by Louise Foody, Kingspan’s director of digital who led the company’s first big technology investment in construction software company. Ms Foody was also behind Kingspan’s multimillion-euro group-wide customer and digital experience programme, which was undertaken in the past five years focused on energy management, decarbonisation, performance improvement, digitalisation and automation of product and service delivery.
The €20 million funding for Covolve will be used to fund and facilitate external partnerships, as well as to invest in previous partnerships that Kingspan facilitated under the digitalisation programme.Ms Foody said the accelerator planned to work with a range of partners, from start-ups with one or two people to bigger businesses that Kingspan could partner with on a project or acquire.