Acquisition expands BuildingConnected’s offerings, enhancing subcontractor qualification and adding risk mitigation planning into existing preconstruction solutions
SAN FRANCISCO (August 14, 2018) – BuildingConnected, the leading preconstruction platform for real estate owners and general contractors to hire qualified subcontractors, today announced the acquisition of TradeTapp, a subcontractor risk analysis platform. With the addition of TradeTapp, BuildingConnected becomes the only bid management platform that provides general contractors and owners project specific risk mitigation recommendations based on subcontractor qualification data. The acquisition of TradeTapp and integration of its products provide the more than 2,500 general contractors and owners on the BuildingConnected platform with a holistic, integrated preconstruction solution.
“Poor subcontractor selection costs the construction industry millions of dollars every year. TradeTapp’s robust qualification solution enables contractors to efficiently vet and make more informed decisions when selecting subcontractors, which lowers costs and better mitigates risk in commercial construction,” said Dustin DeVan, CEO and co-founder of BuildingConnected. “Construction has been historically underserved by technology, and with the addition of TradeTapp, BuildingConnected is truly the only all-in-one solution for the entire preconstruction process.”
More than $100 billion in new construction projects are bid out across BuildingConnected’s network every month, and more than 200,000 owners, general contractors, and subcontracting companies use the platform monthly. Customers include marquee builders like Clark Construction, Mortenson, McCarthy, Structure Tone, Shawmut Design and Construction, and Turner Construction, among many others. BuildingConnected also works with owners and developers including Brookfield, Panera Bread, UCSF, and Duke Realty.
“The lack of collaboration between contractors regarding subcontractor selection increases the risk for all parties and puts millions of dollars in losses at stake. TradeTapp solves this issue by giving contractors access to information to better understand the risks they assume when undertaking a project,” said Justin Levine, CEO and co-founder of TradeTapp. “BuildingConnected’s industry-leading platform further innovates the way construction gets done, and we’re excited to deliver our product to its expansive network.”
The acquisition comes months after BuildingConnected received $15 million in new funding from Brookfield Ventures, Brookfield Asset Management’s venture fund, bringing the company’s total funding to $53 million. Other investors in the company include Lightspeed, Crosslink, Homebrew, Brick & Mortar, Bee Partners, and Freestyle.
To learn more about BuildingConnected and request a demo, visit www.buildingconnected.com.
BuildingConnected is the leading preconstruction platform enabling real estate owners and general contractors to hire qualified contractors for their projects. BuildingConnected’s mission is to connect every business in the $10 trillion construction industry and to strengthen the lives, jobs, and relationships of millions of hardworking construction professionals worldwide. BuildingConnected’s platform is used and loved by over 2,500 general contractors and owners, and more than $100 billion in new construction is enabled through the BuildingConnected platform every month. From the new Golden State Warriors stadium to local schools and hospitals, BuildingConnected’s tools are helping cities grow and bringing communities together. Founded in 2012, BuildingConnected has since raised $53 million from top-tier investors including Lightspeed, Crosslink, Homebrew, Brick & Mortar, Bee Partners, Freestyle, and Brookfield Ventures.