Total Funding: $50 million
Top Funders: Fika Ventures and 01 Advisors
Construction management software developer BuildOps has raised an additional $50 million in funding, the company announced on May 18, bringing the company’s total financial backing to $100 million. The round was led by Fika Ventures and former Twitter CEO Dick Costolo’s 01 Advisors. Costolo also joined BuildOps’ board of directors.
Other notable investors include NFL Hall of Fame quarterback Joe Montana’s Liquid 2 Ventures.
BuildOps claims its technology platform integrates scheduling, dispatching, inventory management, contracts, workflow, purchasing and invoicing into a single software suite. The firm asserts its product works for commercial contractors of all sizes, from those with a dozen employees to ones with several thousand.
On its website, the company targets five subcontracting industries: HVAC, electrical, plumbing, refrigeration and fire safety. A company spokesperson confirmed that the solution is also used by general contractors, who tend to use the software in their service and small projects divisions.
The company contends its product can address industry challenges like supply chain delays and the skilled labor shortage.
Joel Lehmen, president of Smart Care Climate Solutions, a national repair and service provider for commercial foodservice, refrigeration, HVAC and cold storage equipment, said his firm replaced four separate systems with BuildOps.
“This, along with dozens of other optimizations, has led to a dramatic lift in profit margin and revenue,” Lehmen said in the release. “It's now the foundation for our operations and we are rolling it out across our entire portfolio."
BuildOps’ funding round is one of the larger raises in the contech space recently. Other construction technology firms have continued to attract investors, even as the economy teeters and the threat of the U.S. defaulting on its loans looms.
Companies including EquipmentShare, Alice Technologies and Woodoo have raised millions. Other companies, such as ProNovos and Avvir, have moved forward with product expansions and new solutions.