A US-based Fintech construction startup, Briq, has just secured US$ 30 million in a Series B funding round announced on June 7, 2021. Led by the renowned investment firm Tiger Global Management, the round also enjoyed contributions from existing investors, Eniac Ventures, and Blackhorn ventures. This investment is notably distinguished for being one of the largest fundraisings in the history of construction technology, according to Briq.
Growth and trends in the industry
Briq has been one of the fastest-growing startups in the industry, with over 200% growth in the past 18 months. The startup aims to empower contractors “to go from plan to pay” in one platform to fix the issue of construction projects usually going over budget. Briq has a longer-term goal of handling 80% of the cash workflows in the construction industry within ten years.
Briq has two principal product offerings:
- Briq’s Corporate Performance Management (CPM) platform: This platform models financial outcomes at the project and corporate levels.
- BriqCash: BriqCash is a construction-specific banking platform for managing invoices and payments.
Briq has also produced a toolbox of exclusive technology, allowing it to extract and control financial data without using APIs. The startup has designed construction-specific data models that empower it to develop projections and build models showing the cost of a project and its potential returns.
Briq currently has about 150 customers and serves both general and specialty contractors from US $10 million to US $1 billion in income. According to the Co-founder and CEO of Briq, Bassem Handy, the startup is currently focused on offering services to contractors in North America but has a long-term plan to address larger international markets.
Founder’s Insights
Bassem Handy, said, “I wished to find out how to bring the best of fintech into a construction industry that predicts the monthly financial outcomes for projects. Accurately forecasting financial outcomes is difficult. Most of the time, the predicted cost to completion is inaccurate by a lot.”
During the pandemic, Briq revealed itself as invaluable to contractors. “In an industry characterized by slim margins, we have given contractors the ability to clearly understand their standing on money, labor, and profit,” he added.
Company Profile
Briq is corporate performance management and automation startup, developed to make the lives of construction financial professionals more convenient, to make contractors more productive, and yield better returns. Briq offers a broad scale of modern technology for construction firms that include search and automation and AI-based forecasting to help modernize the financial management of construction startups of all sizes.
Founded in 2018 by Bassem Handy and Ron Goldshmidt, Briq has its headquarters in Santa Barbara, California, United States. The startup helps both specialized and general contractors utilize their data to drive more favorable results for all phases of construction. They also use cutting-edge technology such as machine learning, automation, and predictive technology to help improve fees, end fee erosion, and stop overhead costs.
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