, which has developed a fintech platform used by the construction industry, has raised $30 million in a Series B funding round led by Tiger Global Management. The financing is among the most extensive Series B fundraises by a construction software startup, according to the company, and since its January 2018 inception. Existing backers Eniac Ventures and Blackhorn Ventures . Briq CEO and co-founder Bassem Hamdy is a former executive at construction tech giant Procore (recently and had a market cap of $10.4 billion) Canadian software giant CMIC. veteran Ron Goldshmidt is co-founder and COO.
Briq describes its offering as a financial planning and workflow automation platform that “drastically reduces” the time to run critical financial processes while increasing the accuracy of forecasts and financial plans. Briq has it to extract and manipulate financial data without using APIs. It also has developed construction-specific data models that will enable it to build out projections and create models of how much a project and how much could conceivably be made. Currently, Briq manages or forecasts about $30 billion in construction volume.
Specifically, Briq has two main offerings: Briq’s Corporate Performance Management (CPM) platform, which models financial outcomes at the project and corporate level, and British, a construction-specific invoices and payments. Put, Briq aims to allow contractors “to go from plan to pay” in one forum to the age-old problem of construction projects (often) over budget. Its longer-term, ambitious mission is to “manage 80% of the money workflows in construction within ten years.”
The company’s strategy, so far, seems to be working. From January 2020 to today, ARR has climbed by 200%, according to Hamdy. Briq currently has about 100 employees, compared to 35 a year ago. Briq has 150 customers and serves general and specialty contractors from $10 million to $1 billion in revenue. They include Cafco Construction Management, Westcor Companies, and Choate Construction, and Harper Construction. The company is currently focused on contractors in North America but does have long-term plans to address larger , Hamdy told TechCrunch.
Hamdy came up with the idea for Santa Barbara, California-based Briq after realizing the vast amount of inefficiencies on the financial side of the construction industry. His goal was to do for construction financials what Procore did to and PlanGrid to construction drawing. He started Briq with his cash, amassed through secondary sales as Procore climbed the ranks of a construction industry unicorn.
“I wanted to figure out how to bring the best of fintech into a construction industry that guesses every month what the financial outcomes are for projects,” Hamdy told me at the time of the company’s last raised – a $10 in May of 2020. “Getting a handle on financial outcomes is hard. Most of the time, the forecasted cost to completion is plain wrong. By a lot.”
In fact, according to , an astounding 80 percent of projects run over budget, resulting in significant waste and profit loss. So at the end of a project, contractors often have doled out more money and . This can lead to negative cash flow and profit loss. Briq’s to help contractors identify outliers and which projects are more at risk.
Throughout the , Briq has proven to be “extremely valuable” to contractors, Hamdy said. “In an industry where margins are so thin, we have given contractors the ability to truly understand where they stand on cash, profit, and labor,” he added.