New investment will accelerate BuildingConnected’s mission to be the network that connects every business and professional involved in real estate and construction
SAN FRANCISCO (April 24, 2018) – BuildingConnected, the largest provider of software for real estate owners and general contractors to facilitate selecting contractors for construction projects, announced today $15 million in new funding from Brookfield Ventures, Brookfield Asset Management’s new venture fund. This investment brings the company’s total funding to $53 million.
“It is rare to have an investor also be a customer. We are excited to have Brookfield as a partner as we seek to expand our geographic footprint and develop new and innovative products for our expanding roster of customers,” said BuildingConnected CEO Dustin DeVan. “Brookfield understands BuildingConnected’s vision to connect every business involved in the real estate and construction sectors and change how these industries communicate.”
Co-founded by two industry insiders, Dustin DeVan and Jesse Pederson, BuildingConnected was created in order to drive business efficiencies to owners, general contractors, and subs through technology. “Construction is the most collaborative industry in the world, yet a simple and intuitive service to connect parties and increase productivity hasn’t existed until now. Our network changes how the real estate and construction businesses communicate and is what differentiates BuildingConnected and any other software on the market. We are the only company that doesn’t require customers to maintain a static contact database of suppliers,” said co-founder Jesse Pederson.
Across BuildingConnected’s network, more than $80 billion of new construction projects are bid on a monthly basis. Over 170,000 owners, general contractors and subs are active on the BuildingConnected platform monthly. The projects represent marquee builders like Clark Construction, Mortenson, McCarthy, StructureTone, Shawmut, Turner Construction, and others. BuildingConnected also works with owners and developers such as Brookfield, Panera Bread, UCSF, and Duke Realty.
Brookfield’s investment comes after seeing massive adoption of BuildingConnected’s software throughout their organization. Brookfield and their general contractors have used BuildingConnected on over 300 projects ranging from small $50,000 remodels to a $900 million ground up office tower.
“BuildingConnected’s software for managing the procurement process is second to none,” commented Josh Raffaelli, a Managing Director at Brookfield Ventures. “At the same time, the truly exciting opportunity here is around the data, network and creating a marketplace for the entire industry. We’ve identified great investment opportunities in supply chain efficiency.”
Our 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.
We’re creating beautiful, user-friendly communication software and transforming an industry that’s traditionally been underserved by tech. Over $80 billion in new construction is managed on our platform every month. From the new Warriors stadium to local schools and hospitals, our tools are helping cities grow and communities come together. We’re solving real problems for real people.
Founded in 2012, we’ve raised $53 million from top tier investors like Lightspeed, Crosslink, Homebrew, Brick & Mortar, Bee Partners, Freestyle and Brookfield Ventures.
Brookfield Asset Management is a leading global alternative asset manager with over $285 billion in assets under management. The company has more than a 100-year history of owning and operating assets with a focus on real estate, renewable power, infrastructure and private equity. Brookfield offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively.
Brookfield Ventures is the technology investing practice of Brookfield Asset Management. Founded in 2017, Brookfield Ventures seeks to partner and invest growth equity into market leading technology companies that can leverage the diverse real assets and operating businesses that make up the $285bn Brookfield economy.