Bridgit, a Kitchener startup that has developed a mobile communications platform for the construction industry, has secured US$1.7 million (C$2.2 million) in venture capital financing, which it hopes will help to fund its U.S. expansion.
The company led by Co-Founders Lauren Lake and Mallorie Brodie said in a statement the round was led by Chicago-based Hyde Park Venture Partners. Vanedge Capital of Vancouver also joined in the round.
Lake and Brodie have developed a cloud-based app called Closeout, which replaces the pen-and-paper task of documenting unfinished, damaged or incorrect work. People in the industry refer to this list as a “punch list.”
With Closeout, users take pictures of the work areas and upload them along with notes for immediate viewing by the team, significantly streamlining the task. The app has been adopted by more than 100 companies since its launch in March 2014, including powerhouses Minto and CentreCorp.
“The construction industry has been slow to adopt to new technology, but as we talk to residential and commercial builders, it’s clear they are hungry for technology that lowers cost, simplifies processes and make it easier to get their jobs done,” said CEO Brodie in the statement. “We’re excited to partner with Hyde Park and Vanedge so we can put Bridgit’s solutions into the hands of more people who need them.”
The statement said the new funds will help to hire new engineers and sales people as well as fund the U.S. expansion.
Bridgit Sets its Sites on the U.S. Market
In December, Bridgit won Google for Entrepreneurs’ 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.
“We created Google for Entrepreneurs Demo Days in order to highlight amazing entrepreneurs like Bridgit,” said Mary Grove, director of Google for Entrepreneurs. “Many founders have told us that they’re able to hire more quickly, get the attention of large corporate partners and open doors with investors as a result. We were very impressed by the Bridgit team and their traction at the event, and are thrilled to see them continue that great momentum.”
Previously, Bridgit raised angel financing from such investors as prominent New York City angel investor Joanne Wilson and Rypple co-founder Daniel Debow of Toronto.
“We believe that this type of innovation is sorely needed in the construction industry and that Bridgit has the ideal team to deliver it,” said Greg Barnes, principal of Hyde Park Venture Partners. “We can’t wait to see Mallorie, Lauren and their growing corps of experts build upon their solid foundation in the U.S. market.”