Nakul Mandan, VC at Lightspeed Venture Partners has aptly coined BuildingConnected as the “LinkedIn for commercial construction”.
Over the last couple of years, Mandan gave a lot of thought to one question:
“Why is there no web-based platform that maps relationships between companies, analogous to how LinkedIn maps our professional relationships?”
After meeting co-founders Dustin Devan and Jesse Pedersen two years ago and learning about their vision for reinventing the commercial construction industry, Mandan immediately connected with this shared vision, resulting in Lightspeed Venture Partners leading a $22M Series B investment in BuildingConnected.
Unlike other B2B procurement solutions, BuildingConnected has taken a network-based approach to building its business.
- The guts of the platform is a free-to-use open network that any general contractor (GC) or subcontractor (sub) can join. Once on the platform, these GCs and subs can easily connect with other participants in the construction ecosystem.
- BuildingConnected then features premium SaaS offerings to manage the bidding process.
- Think “LinkedIn for commercial construction” with a paid SaaS offering for bid management.
Taking a network approach to bid management has many advantages:
- Today, GCs and subs maintain business and contact information in siloed databases that are often out of date. BuildingConnected offers an open network approach, which means it maintains the most up-to-date information on each participant.
- BuildingConnected is the first unified database in the construction world. Pre-existing relationships are no longer the primary prerequisite to sniffing out bids and winning jobs.
- For GCs entering a new geography, it’s easy to identify pre-qualified subs to invite to bid on projects, filter lists of subs based on specific criteria, and so on.
- For subs looking to expand their business, there now exists a way to market on a platform used by the entire industry, making it easy and efficient to discover new opportunities by region or project type.