Bridgit secures $24M in funding to provide construction companies with ‘workforce intelligence’ – TechCrunch

[ad_1]

Bridgit, a “workforce intelligence” know-how firm that’s centered on the construction trade, introduced in the present day that it has raised $24 million in Series B funding.

Camber Creek and Storm Ventures co-led the financing, which brings the Toronto-based startup’s whole raised to greater than $35 million. Nine Four Ventures additionally put cash in the spherical, alongside with present backers BDC Capital’s Women in Technology Venture Fund, StandUp Ventures, Sands Capital and Vanedge Capital.

CEO Mallorie Brodie and COO Lauren Lake based Bridgit in late 2012 with the mission of serving to construction companies maximize earnings “by taking a people-first approach.” Over the years, the pair say they spoke with tons of of contractors and construction executives to higher perceive how know-how might make them profitable. Strategic workforce planning was a recurring theme, in addition to the necessity to forecast future staffing calls for and “collaborative” entry to individuals and mission information, in accordance to Brodie.

The startup launched its first product, Bridgit Field, in March 2014. In 2019, it introduced its second product, Bridgit Bench, to market. Built for construction workforce planning, cloud-based Bench has turn out to be Bridgit’s flagship providing. This isn’t surprising contemplating the widespread labor scarcity the trade has been experiencing.

Bench goals to assist common contractors plan and develop their workforce, leverage mission information to enhance bidding and staffing choices and forecast mission pipelines. The finish consequence, Bridgit claims, is elevated productiveness and profitability. 

“General contractors are in the business of managing risk — ensuring that they have the right people on the right project — and in order to effectively reduce risk, it is difficult even at the best of times,” Brodie mentioned. “Up until now, general contractors had no better option than to complete their people-planning efforts in spreadsheets. That’s a manual lift, and often more of a reactive than proactive process. Given the added pressures of the labor shortage that the industry is facing, building a proactive ‘people strategy’ is top of mind for builders across North America.”

Bench can be a giant motive why Bridgit has raised its newest spherical. In July of 2020, publicly traded construction design software program big Autodesk led a $7 million spherical into Bridgit. Since then, the corporate has elevated its headcount from 46 to 83 whereas its income has surged by 140%, in accordance to Lake. During that very same time-frame, Bridgit has onboarded 58 new prospects, together with Clayco, The Walsh Group and Hoffman Construction, with enterprise-wide agreements signed with Skanska, Ryan Companies and Alberici-Flintco. 

No doubt the COVID-19 pandemic and its ensuing shift to digital had an influence as effectively.

“Once the pandemic hit, construction companies were forced to bring any remaining paper-based processes online, which led to a surge in usage of our workforce planning platform,” Lake instructed W3Techy.

The firm plans to use its new capital largely towards constructing out its crew, product improvement and doubling down on its go-to-market technique.

“The construction tech market is exploding and for good reason,” mentioned investor Arun Penmetsa of Storm Ventures, who took a seat on Bridgit’s board as a part of the financing.

Bridgit, he mentioned, acts as a unifying layer for a corporation’s information and supplies “unprecedented visibility” into its individuals and tasks, alongside with the suitable workflows to assist analytics, compliance and prediction, Penmetsa mentioned.

“There is really no one out there doing what they are doing, and most organizations rely on Excel,” he mentioned. “Bridgit’s approach is fundamentally different compared to other companies in the space.”

[ad_2]

Source: techcrunch.com