BuildingConnected, a provider of software for real estate owners and general contractors to facilitate selecting contractors for construction projects, has secured USD15 million in new funding from Brookfield Ventures, Brookfield Asset Management’s new venture fund.
This investment brings the company’s total funding to USD53 million.
“It is rare to have an investor also be a customer. We are excited to have Brookfield as a partner as we seek to expand our geographic footprint and develop new and innovative products for our expanding roster of customers,” says BuildingConnected CEO Dustin DeVan. “Brookfield understands BuildingConnected’s vision to connect every business involved in the real estate and construction sectors and change how these industries communicate.”
Co-founded by two industry insiders, Dustin DeVan and Jesse Pederson, BuildingConnected was created in order to drive business efficiencies to owners, general contractors, and subs through technology. “Construction is the most collaborative industry in the world, yet a simple and intuitive service to connect parties and increase productivity hasn’t existed until now. Our network changes how the real estate and construction businesses communicate and is what differentiates BuildingConnected and any other software on the market. We are the only company that doesn’t require customers to maintain a static contact database of suppliers,” says co-founder Jesse Pederson.
Across BuildingConnected’s network, more than USD80 billion of new construction projects are bid on a monthly basis. Over 170,000 owners, general contractors and subs are active on the BuildingConnected platform monthly. The projects represent marquee builders like Clark Construction, Mortenson, McCarthy, StructureTone, Shawmut, Turner Construction, and others. BuildingConnected also works with owners and developers such as Brookfield, Panera Bread, UCSF, and Duke Realty.
Brookfield’s investment comes after seeing massive adoption of BuildingConnected’s software throughout their organisation. Brookfield and their general contractors have used BuildingConnected on over 300 projects ranging from small USD50,000 remodels to a USD900 million ground up office tower.
“BuildingConnected’s software for managing the procurement process is second to none,” says Josh Raffaelli, a Managing Director at Brookfield Ventures. “At the same time, the truly exciting opportunity here is around the data, network and creating a marketplace for the entire industry. We’ve identified great investment opportunities in supply chain efficiency.”