Brookfield Growth Backs Material Bank at $1.9 Billion Value

An arm of Brookfield Asset Management Inc. led a $175 million equity funding round for Material Bank, Chief Executive Officer Adam Sandow said in an interview.

New and existing investors including Fifth Wall also participated, he said. The round values the design materials marketplace at almost $1.9 billion, according to people with knowledge of the matter.

The transaction, by Brookfield Growth, marks an almost doubling of the $975 million valuation that the Boca Raton, Florida-based startup reached last April, according to data compiled by PitchBook. At the time, the company said it raised $100 million from investors led by General ...