Dive Brief:
- BuildingConnected, a construction bid management platform startup, announced Wednesday it has raised $8.5 million in Series A funding.
- The company also announced an agreement with Turner Construction to become the industry giant's "go-to bid management tool." BuildingConnected reports that more than 250 U.S. commercial construction companies currently use the platform for project bids.
- The funding round was led by CrossLink Capital, as well as existing investors Homebrew, Freestyle, Bee Partners and Brick & Mortar. After this funding round, BuildingConnected has now raised a total of $10.7 million.
Dive Insight:
Scoring Turner as a client is a big move for BuildingConnected, as it gives the startup national attention. Turner Director of Procurement Mike Bruskin said, "Implementation of BuildingConnected supports our effort to increase efficiency for Turner, our contractors and our clients."
Construction startups have seen major investor interest recently. Last week, technology startup Uptake reached a $1.1 billion valuation after raising $45 million from investors, including heavy equipment giant Caterpillar — which wants to use Uptake's technology to offer better data analytics technology for customers using its equipment.
On the same day as Uptake's funding announcement, Fieldwire, a startup offering mobile and web platform services for construction projects, announced it had secured $6.6 million in Series A financing.
The big funding rounds for BuildingConnected, Uptake and Fieldwire reflect the construction industry's current move toward incorporating more technology on the job site to streamline projects and avoid cost overruns and delays.
