Bridgit raises $7.75 million to fund rapid growth
Bridgit, a leader in mobile construction management software, today announced it has completed a $7.75 million Series A round of funding. The financing was led by BDC Capital’s Women in Technology Fund with participation from MaRS Investment Accelerator Fund, Innovation Grade Ventures, Salesforce Ventures, Sands Capital Ventures, StandUp Ventures, and Vanedge Capital; along with being in the process of closing a debt financing with CIBC Innovation Banking.
“We’re extremely excited to have support from so many prominent investors,” said Mallorie Brodie, co-founder and CEO of Bridgit. “2019 is going to be a big year for Bridgit, as we work towards adding to our software suite, and updating the Bridgit brand our customers know and love.”
Bridgit’s field-focused solution streamlines task and inspection management workflows, simplifies on-site communications, and generates action-oriented insights for general contractors and developers. Since 2014, Bridgit’s solution has been adopted by leading innovators in the construction industry and members of the ENR Top 400, and is currently used on thousands of active projects across North America.
“Bridgit’s inherent understanding of its customers’ needs is impressive and foundational in empowering customers to embrace technology,” said Michelle Scarborough, Managing Director of BDC Capital’s Women in Technology Fund. “We’re excited to partner with Bridgit as they continue to disrupt the construction market and bring innovation to an industry on the brink of enormous change.”
While historically slow to replace manual methods with technology, the construction industry experienced a breakthrough year in 2018, with technology investment inflating to 30%, equaling $1.05 billion. In 2019, 74% of contractors anticipate adopting more technology, and the total value of the sector is expected to exceed $10 trillion by 2020.
“We are impressed by Bridgit’s bold vision and differentiated software which is used by satisfied customers in the construction industry every day," says Kumar Gautam of Sands Capital Ventures. “We're excited to partner with the company and helping it achieve its full potential.”