BuildingConnected, the refreshingly different bid management solution, has closed $8.5 million in Series A funding to bring the construction industry ridiculously easy tools to save time and money during the bidding process.
The investment was led by CrossLink Capital, with participation from existing investors Homebrew, Freestyle, Bee Partners and Brick & Mortar. With the $8.5 million investment, BuildingConnected has now raised a total of $10.7 million.
“The construction industry has a complex value chain that cries out for a network-centric technology,” said David Silvermann, Partner at CrossLink Capital. “BuildingConnected is the perfect solution for connecting construction professionals so they can make better, more profitable decisions about their businesses.”
BuildingConnected also announced a company wide-agreement with Turner Construction Company, the largest commercial construction builder in the United States, to become their go-to bid management tool. Turner joins more than 250 of the country’s top general contractors in using BuildingConnected to collectively bid out over $10 billion in construction services every month.
“BuildingConnected’s simple and easy-to-use solution saves us significant time and helps us connect better and faster with our entire network,” said Gregory Martin, Estimator at Turner Construction Company. “Implementation of BuildingConnected supports our effort to increase efficiency for Turner, our contractors and our clients,” said Mike Bruskin, Director of Procurement.
BuildingConnected has seen record levels of growth since its launch in 2012, exceeding 800% in the past year alone. As a result of this growth and customer demand, BuildingConnected is now launching a new set of premium features that give contractors the support and analytics tools they need to make smarter business decisions, faster.
For the first time, general contractors will have visibility into their entire organization. They can aggregate data on performance, vendors and project costs and analyze it across offices and geographies.
“It’s been incredibly difficult for our customers to access information about historical costs and organizational performance,” said Dustin DeVan, CEO at BuildingConnected. “So we’ve built transparent analytics tools that streamline the process. Bid management shouldn’t be hard, so we decided to simplify it. And now, we’ve made it smarter!”
The new BuildingConnected features include:
- Performance Analytics: Make smarter decisions, faster with aggregated company data that tracks progress and win-rates while helping you plan for growth.
- Historical Cost Data: Leverage your data to plan future projects more efficiently through access to historical cost information.
- Relationship Tracking: Organize and track institutional knowledge for insight into your past vendor experiences and behavior.
- Prequalifications: Access easy-to-use, customizable prequalification forms and gain real-time visibility into which subcontractors are already prequalified.
- Integrated Cloud Storage: Unify your company around a single, secure cloud storage solution with continuous access to up-to-date files.
- NDAs & Sealed Bids: Keep confidential information secure with simple NDAs and electronically sealed bids.