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Canada-based BuildDirect obtaines C$30M in Series B financing led by Mohr Davidow Ventures
BuildDirect secured C$30 million for its Series B round. BuildDirect is a technology firm based in Vancouver, British Columbia that seeks to reinvent how individuals, from do-it-yourselfers to building professionals, look for and buy home improvement products.
The company's advanced technology platform as well as its analytic and forecasting tools enables customers to save as much as 80% when they buy high quality goods through the online platform. It also provides suppliers with real-time data so they can enhance manufacturing efficiencies. The platform allows worldwide suppliers to have access to an unlimited marketplace without having to give up their margins.
Mohr Davidow Ventures led the round for BuildDirect, the statement said. It was also participated in by Canadian investors that include its existing backer, BDC Venture Capital.
BuildDirect will use the proceeds of the latest funding round to fund its expansion, innovation and transformation of the building product marketplace estimated to be worth $492 billion. It aims to do this by continuing to support the company's proprietary technology platform, grow its extensive array of product offerings and quickly grow its workforce, the statement said.
As part of the transaction, Mohr Davidow Ventures General Partner Katherine Barr will join the Board of Directors of BuildDirect.
Barr said in the statement, "Despite its multi-billion dollar size, the home improvement product supply chain is fragmented and inefficient. In the past several years, BuildDirect has achieved phenomenal growth by effectively leveraging sophisticated predictive analytics to address gaps and inefficiencies in the home improvement products industry. With this latest round of funding, BuildDirect is well poised to fulfill its goal of transforming the home improvement industry by leveraging its innovative data analytics and technology platform."
Mohr Davidow Ventures has supported early stage technology-focused startups for the past thirty years. Its investments include Rocket Fuel, Rally Software, Proofpoint, Shutterfly, Kabbage, Coupa, Ticketfly and Visible Measures.