Kitchener’s Bridgit has secured $2 million to grow its construction project management software in a funding round led by StandUp Ventures and MaRS Investment Accelerator Fund.
“In 2017, we ramped up our development efforts, increasing the number of releases by nearly 300 per cent. This funding will help us move faster, and deliver more value to our users,” said CEO Mallorie Brodie.
Bridgit will use the injection of capital to ramp up revenue growth and bolster the company’s construction software, Bridgit Closeout. The mobile-first application added a new data-driven in-app feature in September called Project Insights, providing construction job site managers a project review with up-to-date site data to monitor progress. Bridgit also released an Android app this year.
“This is just the beginning,” Brodie added. “New product modules are on the horizon, which the industry hasn’t seen before.”
Launched in 2014 by Brodie and co-founder Lauren Lake, their software simplified communication and management on construction sites. Since then, it has been used on thousands of construction projects.
The Kitchener-based company secured $2.2 million in seed funding in early 2016 which fuelled Bridgit’s expansion into the U.S. The new capital will drive the company’s growth in new markets.
“Today Bridgit is used by hundreds of contractors across Canada and the U.S. We’re excited to support the team as they continue to transform the construction industry in markets around the world,” said Michelle McBane, investment director of MaRS IAF and StandUp Ventures.
Brodie and Lake were named Entrepreneurs of the Year at the Canadian Startup Awards in 2015.