BuildDirect, a Vancouver based technology company that is building a simpler, trusted and efficient home improvement industry, today announced it has closed $50 million in financing from a blend of new and existing US and Canadian investors including Mohr Davidow Ventures, OMERS Ventures and BMO Asset Management.
The investment will be used to rapidly expand and scale the technology for the company’s Home Marketplace, a community-based technology platform that creates a one-stop solution directly connecting buyers (consumers and subcontractors) with sellers (product manufacturers, designers, trades and shippers).
“This commitment from investors is a strong signal for the support and belief in BuildDirect’s unique approach to technology, data analytics, logistics and our ability to rebuild a broken home improvement industry,” says Jeff Booth, CEO and co-founder of BuildDirect. “Our investment into technology enables us to accelerate the change we are bringing to the industry. We will continue to scale at an incredibly fast pace to meet the increasing demand of sellers wanting to access our platform to directly connect with the growing wave of buyers coming to BuildDirect seeking the best selection, price and service for all of their home improvement needs.”
BuildDirect’s Home Marketplace is about using technology to open a world of possibilities for both buyers and sellers, and delivers on an experience that is based on how someone participates in any given moment. For buyers, it’s a simple and trusted experience with an intuitive, end-to-end discovery from ideas to delivery – a one-stop solution for all home improvement, renovation and building needs. “For sellers, it’s about liquidity and growth not seen in the home improvement industry today,” adds Booth. “Our advanced analytical and forecasting tools send a real-time signal to sellers directly connecting them to buyer demand and interest so they can respond with speed and accuracy around inventory type and size, overall product or service offerings and market placement. Connecting the right goods or service to the right demand equals fast and efficient transactions.”
Growth for BuildDirect’s Home Marketplace has three core focus areas:
BuildDirect’s advanced analytical and forecasting tools enable the Company to directly connect consumers and sellers to identify product trends and market opportunities unlike any other company in the home improvement industry. The Company’s BuildDirect Demand Rank and BuildDirect Product Rank proprietary tools provide sellers with a real-time signal on consumer interest in a product or service, its competitiveness in the marketplace, and locations it will best perform.
Their Home Marketplace is a self-serve, flexible and open platform. For sellers, investment into technology accelerates the speed in which they can directly connect to consumers, regardless of their size, scope or where they are located around the globe. Today, sellers can choose from a variety of fulfillment capabilities such as ocean logistics, online merchandising, warehousing and inventory management to last-mile delivery.
As a result, consumers have increased choice of products and services impossible to find under one roof, with quality and product and/or service experiences shared and validated by the community. “Investing into technology rapidly scales our ability to bring on products fast enough to meet our ever increasing demand,” adds Booth.
Their Home Marketplace enables a world-class delivery experience that is predicable, accurate and cost-effective. For sellers, it means decreased freight costs from their location, to a local warehouse, and, ultimately, to the buyer.
For buyers, it means getting large, heavyweight items to their home or project site with no more fuss or effort than ordering a pizza, and at a cost they can’t beat. Backed by a rating system, shippers are ranked for their service with transparent feedback and reviews. “We are making heavyweight delivery as simple as it is for lightweight products, like books,” adds Booth. “Reducing the cost of freight for heavyweight items is an immediate focus area with better add-on service options like same day and inside delivery.”
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