Briq, which offers financial forecasting for the construction industry, has reportedly netted $10m in its Series A round.
The capital was led by Blackhorn Ventures, according to a report from Crunchbase. Additional contributions came from Eniac Ventures, MetaProp NYC, and Darling Ventures.
Following the close of the round, the FinTech is looking to expand its platform.
Briq aims to improve the financial outcomes of those operating within the construction industry by connecting operations and accounting into one platform. Its offerings include document search, project forecasting, business development, robotic accounting and WIP management.
The company’s CEO and co-founder Bassem Hamdy came up with the idea for Briq after seeing the inefficiencies on the financial side of construction, he told Crunchbase.
A major problem with construction is the costs rarely meet up with the initially forecasts, with many going over budget. This makes it hard for companies to accurately predict spending, Hamdy said.
He told Crunchbase, “Our platform helps them identify outliers, and which projects are at most risk,†Hamdy explained. “The risk coefficients calculate for them based on different financial factors, such as how they are using funds such an allowance or contingency.â€
With the close of the round, the company has raised a total of $17m in equity funding.
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