SAN FRANCISCO — BuildingConnected, which operates a preconstruction platform for general contractors, subcontractors and owners, has raised $22 Million in Series B funding led by Lightspeed Venture Partners with participation from existing investors including Crosslink Capital, Homebrew, Freestyle, Bee Partners and Brick & Mortar. This brings BuildingConnected’s total funding to over $37 million. BuildingConnected will use the funds to expand and hire new talent.
“This round of funding from top tier investors confirms our thesis that commercial construction stands to benefit from the efficiencies we create at BuildingConnected,” said Dustin DeVan, founder and CEO, BuildingConnected. “We’ve already seen billions of dollars in projects move across our platform, and we continue to sign up customers at an exciting rate. This round will help us to keep growing quickly while delivering unprecedented efficiencies to the commercial construction world.”
“At Lightspeed, we look for bold founders who have a big vision for where they want to see the world go, and are building products to make that vision come true,” said Nakul Mandan, Lightspeed Venture Partners. “Dustin started BuildingConnected with a vision to foundationally change the way commercial construction companies interact and decide to work with each other, making it a seamless and transparent process. Since inception, Dustin and his team have nailed every growth metric they’ve set for themselves, and continue to push the envelope on how much value they can bring to everyone involved in the preconstruction process. We’re very excited to partner with them.”
According to McKinsey & Company, the construction industry holds the dubious honor of having the lowest productivity gains of any industry. BuildingConnected bridges this gap by offering a secure network that connects hundreds of thousands of construction professionals across the US, helping them get project bids done quickly, accurately and with ease. The analytics tools help construction professionals get smarter every time they work together, enabling them to make better decisions, faster.
BuildingConnected also recently introduced Opportunity Manager: a CRM platform designed for subcontractors. This new feature allows subcontractors to manage all their bid opportunities in one place — this tool saves subs time by:
- Allows them to consolidate all their bid invites, and keep track of the status of each.
- Assign and track which estimator is working on each opportunity.
- Integrating with calendar applications to help estimators stay on top of job walks, RFI due dates, and bid due dates.
- Having access to custom reports to understand trends and measure their success so that they can have smarter, more meaningful conversations with clients and ultimately grow their business.