San Francisco and Newport News, VA– November 13, 2018 - RocketSpace, a Silicon Valley-based external innovation consulting company, announced today that it is teaming up with Ferguson Enterprises, the largest U.S. distributor of plumbing supplies and PVF (pipe, valves and fittings), to reimagine the future of building development through new technology solutions that enhance customer experiences across the commercial and residential construction, remodel, and services industries. This new partnership follows the launch of Ferguson Ventures, the company’s Corporate Venture Capital and strategic partnering arm focused on innovation and disruption.
“Helping our customers succeed in a rapidly changing marketplace requires us to proactively explore and leverage technologies within our business and across our customer base,” said Kevin Barnes, Vice President and Managing Director of Ferguson Ventures. “Teaming up with RocketSpace further immerses us in the global startup ecosystem. It also helps us envision what’s truly possible and provides us with the building blocks to start creating a tangible solution that will thrive in today’s increasingly digital environment.”
“Ferguson is a $16.7B company shaping the future of its industry - now, through the power of emerging technologies,” said Brad Strum, Vice-President of Corporate Innovation at RocketSpace. “We are excited to partner with Ferguson Ventures to conceptualize how construction technology can help increase productivity and efficiency for their customers, who face unprecedented challenges like the shortage of skilled trade professionals.”
As part of the partnership, Ferguson and RocketSpace will explore multiple focus areas where construction technology can help solve industry challenges, add value to their partners, and scale across their customer base. In addition to their investment fund, Ferguson Ventures also created an innovation lab to explore industry-changing innovations and oversee pilot programs designed to help Ferguson customers across the country.
RocketSpace is a global ecosystem of people and ideas that provides the necessary velocity — both speed and direction — to help the world’s top innovators bring the future to market. Founded in San Francisco in 2011, its global network of technology campuses and services are designed to help tech startups scale. RocketSpace also helps corporations fuel their continuous growth by tapping into its ecosystem of top startups from around the world. Learn more at rocketspace.com.
Ferguson (www.ferguson.com) is the largest wholesale distributor of residential and commercial plumbing supplies and pipes, valves, and fittings in the U.S. The company is also a major distributor of HVAC equipment, fire protection systems, waterworks, and industrial products and services. Founded in 1953 and headquartered in Newport News, Va., Ferguson has sales of $16.7 billion and approximately 27,000 associates in 1,400 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico, and the Caribbean. Ferguson is part of Ferguson plc (www.fergusonplc.com), which is listed on the London Stock Exchange (LSE: FERG) and on the FTSE 100 index of listed companies.