Vancouver based BuildDirect, a technology company reinventing how do-it-yourselfers to building professionals search for, sample and purchase heavyweight home improvement products, announced today that it has received CDN$30 million in financing. The Series B round is led by Mohr Davidow Ventures and supported by high profile Canadian investors, including existing investor, BDC Venture Capital.
This latest round of financing will be used to fuel the company’s growth, innovation and transformation of the US$492 billion building product marketplace by supporting the continued evolution of BuildDirect’s proprietary technology platform, the expansion of BuildDirect’s extensive product offerings and the rapid growth of the company’s employee base.
“Despite its multi-billion dollar size, the home improvement product supply chain is fragmented and inefficient,” said Katherine Barr, General Partner, Mohr Davidow Ventures. “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.”
Through an advanced technology platform plus analytic and forecasting tools, BuildDirect creates a simple and service-oriented online shopping experience where consumers enjoy savings of up to 80 per cent for high quality products supported with free samples, coordinated shipping for goods that average 1,500 lbs and a 30-day satisfaction return guarantee with free shipping. Suppliers around the globe are able to reach unlimited marketplace without sacrificing margins. BuildDirect also identifies and shares with suppliers in real-time, how a product is performing, forecasted trends and pinpoints production needs to help improve manufacturing efficiencies.
“Since its inception, BuildDirect has been steadfastly working to change the dynamics of the home improvement products industry,” said Jeff Booth, CEO, BuildDirect. “As a builder I experience the pain, complexity and lack of customer support when it came to finding high quality products at an affordable price.”
By leveraging technology and combining BuildDirect’s commitment of putting the customer first, the company creates a new landscape for how the home improvement market operates.
“It was important for us to find a partner who not only reflected our commitment to completely re-inventing the home improvement industry, but our core values which help to drive our ability to hire and retain the best people,” Booth added. “We feel that Mohr Davidow Ventures is the best true partner to help attain our ambitious goals.”