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Apr 25 2016

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Bridgit closes $1.7m seed funding round

Bridgit logoBridgit, the Ontario, Canada-based construction project management technology startup, has closed a US$1.7 million seed round led by Hyde Park Venture Partners with participation from Vanedge Capital.

The business, which I first wrote about in August 2014, plans to use the funding to hire new engineers and salespeople and acquire more US customers for its mobile applications.

Mallorie Brodie, CEO and co-founder of Bridgit says:

“The construction industry has been slow to adopt to new technology, but as we talk to residential and commercial builders, it’s clear they are hungry for technology that lowers cost, simplifies processes and make it easier to get their jobs done. We’re excited to partner with Hyde Park and Vanedge so we can put Bridgit’s solutions into the hands of more people who need them.”

Mallorie BrodieBridgit was founded in 2012 by Brodie, right, and Lauren Lake. Both founders’ families are in the construction industry, and the women suspected it was ripe for innovation. The pair proved the validity of their concept by talking to workers about their challenges and frustrations. Contractors kept track of to-do lists on sticky notes and scribbles on plans nailed to the wall. More organized contractors kept spreadsheets of different tasks and notes, and then emailed or phoned in requests to the appropriate subcontractors.

With Bridgit, commercial and residential builders can use a mobile app to assign and track different tasks. If one piece of work is not completed correctly, the contractor can snap a photo and send it along with relevant notes directly to the subcontractors to make sure it is fixed without holding up other work. Bridgit helps track each task and deadline to hold workers accountable for completing tasks correctly and on time. To date, Bridgit says its application has been used by more than 100 contractors and has consistently achieved double-digit month-over-month revenue growth.

Greg Barnes, principal of Hyde Park Venture Partners, says:

“We believe that this type of innovation is sorely needed in the construction industry and that Bridgit has the ideal team to deliver it. We can’t wait to see Mallorie, Lauren and their growing corps of experts build upon their solid foundation in the U.S. market.

V. Paul Lee, managing director of Vanedge Capital, says:

”Bridgit exemplifies a strong startup company with a young and effective management team that is taking the latest developments in technology and bringing it to traditional industries to dramatically improve their efficiency and work process. The cost savings to the construction industry will be significant.”

Permanent link to this article: http://extranetevolution.com/2016/04/bridgit-closes-1-7m-seed-funding-round/

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