![]() “That was really the genesis of Suffolk Technologies, but we invested from 2019 onward as we tested out our investment thesis.”ĭuring that time, the company backed 30 companies. “We saw the potential, we saw the strategic value for us going in and decided to start investing in early 2019,” Chin told TechCrunch+. Jit Kee Chin, the fund’s co-founder and managing partner, said Suffolk Construction started investing off its balance sheet a few years ago after it began to notice a couple of trends: All of the interesting innovation in construction was coming from startups, and venture capitalists seemed eager to back those companies. While the fund shares some of its parent’s resources, like marketing, the firm mainly raised capital from external investors and is operating as a stand-alone fund. Suffolk Technologies this week launched its debut $110 million fund to back construction tech startups across stages. Suffolk Technologies, Boston-based construction giant Suffolk Construction’s new VC arm, hopes to offer its portfolio companies the best of both - and reap the benefits of both, too. ![]() While venture capitalists are better equipped to help startups land their next funding round or make their next hire, CVCs can ask their corporate overlords to serve as early product testers or customers. If you have news to share, please send an email to Newsday reporter Tory N.Suffolk Technologies wants to have its cake and eat it, too.Ĭorporate VCs and traditional investors help startups in different ways. To read more of these columns, click here. that is published online and in the Monday paper. Retail Roundup is a column about major retail news on Long Island - store openings, closings, expansions, acquisitions, etc. "Many people frequent many different types of gyms … say, a yoga studio on Monday, a boot camp facility on Wednesday, a boxing gym on Friday," she said.Īlso, with the closings of so many stores due to online retail competition in recent years, many commercial landlords are courting gyms, restaurants and other tenants that aren’t hurt by online competitors. The increase in gym numbers nationwide is being fueled in part by growing consumer demand and customers' willingness to visit different types of facilities, said Meredith Poppler, spokeswoman for IHRSA, the International Health, Racquet & Sportsclub Association, based in Boston. A new location is set to open in Lake Grove this summer. Women work out at a Crunch Fitness franchise. ![]() The chain, which has 15 locations on Long Island, also will open a gym in Stony Brook this year, which I've already reported. “We expect the Lawrence location to open by the end of the year,” said Becky Zirlen, spokeswoman for Hampton, New Hampshire-based Planet Fitness Inc. Over in Lawrence, a Planet Fitness will be taking a portion of space, 20,120 square feet, formerly occupied by an Office Max in Falcaro’s Plaza on Burnside Avenue, said Kristen Moore, spokeswoman for Brixmor Property Group, the Manhattan-based owner of the Lawrence shopping center. Credit: Crunch Fitness / Lisa HaefnerĬrunch's gym numbers since 2013 have quadrupled - to more than 300 gyms, 90 percent of which are franchises, in the United States and four other countries. will be operated the Breslau family, who also own West Babylon and Bellmore Crunch locations," Spungin said.įour to six Crunch Fitness franchises will open on Long Island this year, including two in Lake Grove and Amityville. "The Amityville club will be about 32,000 square feet, and. in Amityville, and some space next door, said Russel Helbling, a senior vice president at Garden City-based Sabre Real Estate Group, which marketed the Big Al's property. By clicking Sign up, you agree to our privacy policy.Īlso this year a Crunch will open in combined space it is taking from the former Big Al's Family Fitness, 104 Merrick Rd. ![]()
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