Series B funding totaling $30 million has been raised by Briq with Tiger Global as the lead financier. Briq is known for creating a fintech platform specifically engineered for the construction industry. Among construction software startups this could be one of the largest Series B fundraisings on record.
In addition to the funds raised since Briq’s founding in January 2018 this round of fundraising brings the total amount Briq has raised up to $43 million. There was also funding participation from Briq’s older backers in Blackhorn Ventures and Eniac Ventures.
Bassem Hamdy is the company’s co-founder and CEO. Hardy has a great deal of experience in both construction tech and software having worked as an executive in both Procore and CMiC who are giants in each of those fields respectively. Hamdy works alongside co-founder and COO Ron Goldscmhidt who himself brings years of Wall Street experience to the company.
Briq has two chief products to its name. First is Briq’s Corporate Performance Management platform. As Mary Ann Azvedo of TechCrunch describes it: the platform “models financial outcomes at the project and corporate level.” The second is BriqCash which is a banking platform specifically geared for the construction industry as it can handle payments and invoices.
In the short term, Briq helps contractors by making it so they can “go from plan to pay” on as few platforms as possible. Contractors can use this platform to monitor whether or not they are going over budget. From a long-term perspective, Briq hopes to “manage 80% of the money workflows in construction in 10 years.”
Hamdy told Azevedo, “I wanted to figure out how to bring the best of fintech into a construction industry that really guesses every month what the financial outcomes are for projects.” He went on to share, “Getting a handle on financial outcomes is really hard. The vast majority of the time, the forecasted cost to completion is plain wrong. By a lot.”
It is these problems that Brique hopes to address and help others overcome through technology and software development. Thanks to the funding from groups like Tiger Global Brique will have the support to continue its mission.