Briq, a FinTech platform used by the construction industry, raised $30m in a Series B funding round led by Tiger Global Management.
Existing backers Eniac Ventures and Blackhorn Ventures also participated in the round. The financing is among the largest Series B fundraises by a construction software startup and brings Briq’s total raised to $43m since its January 2018 inception, the firm said.
Briq offers a financial planning and workflow automation platform that “drastically reduces” the time to run critical financial processes while increasing the accuracy of forecasts and financial plans.
Briq’s platform allows it to extract and manipulate financial data without the use of APIs. The firm also developed construction-specific data models that enables it to build out projections and create models of how much a project might cost, and how much could conceivably be made. Currently, Briq manages circa $30bn in construction volume.
Briq CEO and co-founder Bassem Hamdy is a former executive at construction tech giant Procore – which recently went public and has a market cap of $10.4bn – and Canadian software giant CMiC. Wall Street veteran Ron Goldshmidt is co-founder and COO.
Briq’s two main offerings include Briq’s Corporate Performance Management (CPM) platform, which models financial outcomes at the project and corporate level, and BriqCash, a construction-specific banking platform for managing invoices and payments.
Briq aims to allow contractors “to go from plan to pay” in one platform with the goal of solving the age-old problem of construction projects going over budget. Its longer-term mission is to “manage 80% of the money workflows in construction within 10 years,” it said.
Hamdy said, “By automating the money workflow, Briq is singlehandedly transforming the industry we all love so much. Streamlining the money workflow, of course, means contractors are making more money- but really, we aren’t just talking about profit. We’re also talking about giving hours back to the hardworking financial professionals in construction. The ones who have long been underserved. Briq translates the hours they would normally spend working into more time with their families, more time at little league games, and more time at soccer matches.”
Since January 2020, its ARR climbed by 200%. Briq currently has about 100 employees, compared to 35 a year ago.
Boasting 150 customers, it serves general and speciality contractors from $10m to $1bn in revenue. They include Cafco Construction Management, WestCor Companies and Choate Construction and Harper Construction. The company is currently focused on contractors in North America but does have long-term plans to address larger international markets.
Hamdy added, “I have never been more excited for what lies ahead- not only for those of us at Briq, but for construction at large. We’ve begun a revolution in construction technology – and we’re just getting started.”
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