Today I’m happy to announce that we’ve reached a major milestone in our mission to connect every business in the $10 trillion construction industry. We have raised $22 million in Series B funding led by Lightspeed Venture Partners, with participation from existing investors Crosslink Capital, Homebrew, Freestyle, Bee Partners and Brick & Mortar. This brings our total funding to over $37 million.
From cat sitting to a million dollar company
When I started BuildingConnected in 2012, I had a clear vision of the kind of company I wanted to create. After working for six years as a general contractor for major construction companies such as Bechtel, Rudolph & Sletten and XL Construction, I saw a pressing need for modern, user-friendly preconstruction software. Everything was being done manually, from bid management and qualifications to communication and reporting. I knew there was a better way to save the industry time and money.
So I took the plunge and quit my job. For the first year, I lived on 7 different friends’ couches and at one point managed a dorm full of foreign exchange students. I even attempted a brief (and unsuccessful) stint as a cat sitter. I worked long hours pursuing my vision, but I lacked the technical know-how to make a beautiful product that contractors would love.
That’s when my technical co-founder & CTO Jesse Pedersen entered the picture. He had a strong background as a web developer, engineer and technical co-founder, and most importantly, he shared my love of Star Wars and superhero movies.
In March of 2013, we created what is today the #1 preconstruction solution on the market. Here are just some of the things that set us apart:
- We are the network that all the best builders use.
- GCs and subs love us.
- Our platform is ridiculously easy to use.
- You can get up-and-running in no time.
- We’re constantly innovating.
Thousands of professionals are joining BuildingConnected each day. Every month, an additional $75 billion in new construction is managed on our platform, and more than 6,000 new projects are created. Today we have a presence in every major metropolitan area across the US and Canada.
A tool for every type of builder
From the start, I wanted BuildingConnected to be the network for commercial construction, serving every type of construction professional. We began by designing tools for GCs and owners and recently introduced Opportunity Manager, a CRM platform made exclusively for subcontractors. This new product allows subcontractors to manage all their bid opportunities in one place. They can:
- Automatically consolidate all their bid invites, and keep track of the status of each.
- Generate custom reports to understand trends and measure success.
- Assign and track which estimator is working on each opportunity.
- Integrate with calendar applications to stay on top of job walks, RFI due dates, and bid due dates.
So far subcontractors are loving Opportunity Manager, and we have tons of game-changing features coming out soon.
A team that knows how to have fun
BuildingConnected’s success would not be possible without our incredible team. We’ve created a fun, collaborative environment that encourages creativity and passion. We are all working towards the same goal: solving real problems for real people.
We recently codified what makes our team so special:
- Refreshingly different: We do things differently. We’re all unique, we’re all a little weird, and that’s what makes us awesome.
- In each other, we trust: We trust each other to execute on our goals. We believe success is based on honesty, accountability, and willingness to ask for help.
- Passion with a purpose: We are passionate about problems that matter. We strive to strengthen the lives, jobs, and relationships of the world’s millions of hardworking construction professionals, and our work is never done.
- Mastery through mistakes: We openly own our mistakes. We treat them as opportunities to learn, grow, and master our craft.
- Diversity is our norm: We reject the status quo. We challenge the norms of tech and construction, and we believe that both industries benefit from a more diverse workplace that includes talented women, people of color, and the LGBTQ community.
We’re just getting started
While we’ve made a ton of progress so far in transforming the construction industry, this Series B is going to take us to the next level. We plan to expand our engineering, design, sales and marketing teams to deliver the best product and experience for our users. Stay tuned for many more exciting updates.
CEO & Co-Founder