Bridgit Announces $1.7 Million Seed Investment Led by Hyde Park Venture Partners
New funding will help Canadian startup expand U.S. presence, grow sales and engineering teams.
KITCHENER, ON (MARCH 22, 2016) --Bridgit, whose technology simplifies construction project management, announced today it has closed a $1.7 million ($2.2 million CAD) seed round led by Hyde Park Venture Partners with participation from Vanedge Capital.
Bridgit, based in Canada’s technology hotbed of Kitchener, Ontario, plans to use the funding to hire new sales and engineering workers and pursue more customers in the United States.
“The construction industry has a reputation for being resistant to new technology, but as we talk to residential and commercial builders, it’s clear they are hungry for technology that solves to their complicated and frustrating challenges,” said Mallorie Brodie, CEO and Co-founder of Bridgit. “We’re excited to partner with Hyde Park so that we can put Bridgit’s solutions in the hands of more people who need it.”
Bridgit was founded in 2012 by Mallorie Brodie and Lauren Lake. Both founders’ families are in the construction industry, and the women suspected it was ripe for innovation. The pair proved their concept the old-fashioned way – by walking up to construction sites and talking to workers about their challenges and frustrations. Contractors kept track of to-do lists on sticky notes and scribbles on plans nailed to the wall.
More organized contractors might keep a spreadsheet of different tasks and notes and then email or phone in requests to the appropriate subcontractors. With Bridgit, commercial and residential contractors can use the portable mobile app to track and assign different tasks. If one piece of work was not completed correctly, the contractor can snap a picture and send it and relevant notes directly to the subcontractors to make sure it is fixed without holding up other work. Bridgit helps track each task and deadline to hold workers accountable for completing work on time.
"As a contractor with 18 active locations, introducing Bridgit across our sites has completely streamlined our process," says Bob Strum, Vice President at Seattle-based Compass Construction. “On complex, large-scale projects such as those created by Compass, being able to communicate accurately and quickly is essential to delivering high quality buildings on time and on budget.”
To date, Bridgit has been used by over 100 contractors and has consistently achieved double digit month over month revenue growth.
In December, Bridgit won Google for Entrepreneur’s inaugural Demo Day: Women’s Edition, beating out 450 applicants from 40 countries. Bridgit was one of 11 woman-led startups to make the finals and the only one from Canada.