Bridgit raises $24 million in latest investment round

TORONTO – Construction technology company Bridgit has announced a $24 million Series B funding round.

In a release the company stated the funding round will be used to build out its team, further product development activities and lay the groundwork for increasing market share.

“When we went on the hunt to solve the industry’s next challenge, my co-founder (Lauren Lake) and I spoke with hundreds of contractors and construction executives to understand how technology could make them more successful. Clear themes emerged, including more strategic workforce planning, the need to forecast future staffing demands, and collaborative access to people and project data,” said Bridgit CEO and cofounder Mallorie Brodie in a statement.

“In just over two years since launching, we’ve experienced a staggering rate of adoption by North America’s biggest general contractors like Skanska, Balfour Beatty and Ryan Companies, among others. This Series B funding round will fuel rapid product development and aggressive hiring so we can continue to bring innovative solutions to the forefront of the construction industry.”

The funding round was co-led by Camber Creek and Storm Ventures with BDC Capital’s Women in Technology Venture Fund, Export Development Canada, StandUp Ventures, Sands Capital and Vanedge Capital as additional investors.

“Construction technology drives massive improvements in the safety, productivity and bottom line for general contractors. It’s no wonder half of venture funding over the past three years has gone to ConTech,” Storm Ventures partner Arun Penmetsa stated. “By transforming workforce data into actionable insights, Bridgit’s customers leverage their most important tool in their tool belts – their people – to reduce risk and maximize profit.”

Bridgit also announced the hiring of Amy Abascal as their new vice-president of marketing and Jason Fitzpatrick as senior vice-president of sales. The company’s restructured board now includes Arun Penmetsa and Camber Creek executive partner Mitchell Schear.

Since its last funding round, Bridgit has hired 39 new employees and is currently hiring for 16 more positions. It has also onboarded 58 new customers including Clayco, The Walsh Group and Hoffman Construction, with enterprise-wide agreements signed with Skanska, Ryan Companies and Alberici-Flintco.