LIVONIA, Mich.–(BUSINESS WIRE)–February 16, 2021–
Masco Corporation (NYSE: MAS), a Fortune 500 company and a leader in the design, manufacture and distribution of branded home improvement and building products, today announced the establishment of Masco Ventures, which will invest in companies that advance Masco’s commitment to innovation.
Masco Ventures, a fully-owned subsidiary of Masco Corporation, is a $50 million venture capital fund focused on startups that are strategically relevant to Masco’s industry-leading brands, which include Behr® paint, Delta® and Hansgrohe® faucets, bath and shower fixtures; and Hot Spring® spas. The fund will target investments in products and services that improve water management, create a connected in-home experience, enhance our customer service, and provide different ways to reach new and existing end-use customers of Masco products. This fund is focused on partnering with startups to improve the way consumers experience and enjoy their homes, from making renovations and repairs faster and more affordable, to providing better quality water and preventing damage.
The fund will consider opportunities across stages, but will emphasize early and growth stage companies that demonstrate product and market fit, and the ability to scale. Masco Ventures will invest in startups where Masco can add value in the form of subject matter expertise, commercial relationships, innovation, or leveraging Masco’s global distribution channels within the building products industry. An investment will typically range from $500,000 to $5 million, with reserves for follow-on investments.
“Innovation has been the hallmark of Masco since our founder, Alex Manoogian, introduced the single-handle faucet in 1954,” said Keith Allman, CEO of Masco. “We believe that this fund will allow us to continue our history of innovation and support our long-term growth strategy. Our investment underscores our commitment to enhance the way consumers all over the world experience and enjoy their living spaces.”
Touchdown Ventures, a firm specializing in corporate venture capital, will help manage the Masco Ventures fund. Touchdown will work closely with senior executives of Masco and its brands in all aspects of operating the fund.
“We are excited about what Masco can bring to entrepreneurs through the company’s industry relationships, vast distribution, and deep subject matter expertise,” noted David Horowitz, Co-Founder and CEO of Touchdown Ventures. “We believe Masco will be the partner of choice for innovators seeking to improve the way consumers experience their homes and create a competitive advantage for their startups.”
For more information about Masco Ventures, please visit masco.com.
About Masco
Headquartered in Livonia, Michigan, Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes Behr® paint; Delta® and Hansgrohe® faucets, bath and shower fixtures; Kichler® decorative and outdoor lighting; and HotSpring® spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. For more information about Masco Corporation, visit www.masco.com.
About Touchdown Ventures
Touchdown Ventures partners with corporations to manage their venture capital programs. Touchdown works closely with each corporation to achieve the financial and strategic benefits from venture capital investments. The firm maintains offices in Los Angeles, Philadelphia, and San Francisco. More information on Touchdown can be found at www.touchdownvc.com
Safe Harbor Statement
This press release contains statements that reflect our views about our future performance and constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “outlook,” “believe,” “anticipate,” “appear,” “may,” “will,” “should,” “intend,” “plan,” “estimate,” “expect,” “assume,” “seek,” “forecast,” and similar references to future periods. Our views about future performance involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. We caution you against relying on any of these forward-looking statements.
Our future performance may be affected by the levels of residential repair and remodel activity and, to a lesser extent, new home construction, our ability to maintain our strong brands and reputation and to develop innovative products, our ability to maintain our competitive position in our industries, our reliance on key customers, the length and severity of the ongoing COVID-19 pandemic, including its impact on domestic and international economic activity, consumer confidence, our production capabilities, our employees and our supply chain; the cost and availability of materials and the imposition of tariffs, our dependence on third-party suppliers, risks associated with our international operations and global strategies, our ability to achieve the anticipated benefits of our strategic initiatives, our ability to successfully execute our acquisition strategy and integrate businesses that we have and may acquire, our ability to attract, develop and retain talented and diverse personnel, risks associated with our reliance on information systems and technology, and our ability to achieve the anticipated benefits from our investments in new technology. These and other factors are discussed in detail in our most recent Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. Any forward-looking statement made by us speaks only as of the date on which it was made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Unless required by law, we undertake no obligation to update publicly any forward-looking statements as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005062/en/
Investor Contact
David Chaika
Vice President, Treasurer and Investor Relations
313.792.5500
[email protected]
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