CPE News (7/14/2020) – Bridgit has closed a US $7 million or CDN $9.4 million round of financing led by Autodesk with participation of EDC and existing investors BDC Capital, Salesforce Ventures, Sands Capital, and StandUp Ventures.
The new round brings the total amount of equity financing the company has raised to date to CDN $21.2 million.
Founded by Mallorie Brodie and Lauren Lake, Kitchener, Ontario Bridgit is a Canadian software company focused on developing mobile and web-based solutions for the construction industry.
Bridgit plans to use new funding to increase its aggressive pace of technology innovation, add new partner integrations and build more advanced features.
photo credit: Bridgit
Bridgit Announces $9.4 Million CAD Strategic Investment Led by Autodesk
Experiencing growth surge, leading construction workforce planning software company deepens relationship with Autodesk to fuel technology innovation
KITCHENER, ON, July 14, 2020 /CNW/ – Bridgit, a leading construction workforce planning software company based in Canada, today announced it has raised a $9.4 million CAD strategic investment led by Autodesk with support from EDC and existing investors BDC, Salesforce Ventures, Sands Capital, and StandUp Ventures to further improve resource planning and forecasting for the construction industry. This strategic investment brings the total amount of equity financing the company has raised to date to $21.2 million CAD. Bridgit plans to use this financing to increase its aggressive pace of technology innovation, add new partner integrations and build more advanced features, all of which will help contractors better understand their workforce utilization and resource planning.
“Over the last three months, Bridgit has experienced a 72 percent increase in usage across our customer base, both in Canada and the US,” said Mallorie Brodie, CEO and co-founder at Bridgit. “With construction recently restricted and projects delayed, contractors have needed to shift their processes and are demanding the workforce data and insights that Bridgit provides. The new funding will allow us to empower contractors to use their resources effectively, build more efficiently, and with Autodesk, have a more complete picture of people and projects across their organization.”
Autodesk’s financing in Bridgit increases the global software leader’s significant investment in the construction space. Autodesk most recently invested in Aurigo, a provider of enterprise software products for planning, building and maintaining large capital assets and infrastructure. In 2018, the company acquired Assemble, PlanGrid and in 2019, BuildingConnected, all of which are now part of the powerful Autodesk Construction CloudTM portfolio of solutions and services.
“Planning and managing resources for construction projects is difficult in the best conditions, and today’s work environment creates even greater challenges,” said Jim Lynch, vice president and general manager at Autodesk Construction Solutions. “Bridgit gives contractors greater visibility and control by providing them with the actionable insights they need to optimize resources for project success and long-term business resiliency. The strong adoption of Bridgit’s solution underscores the value of connecting people and data across the entire building lifecycle.”
Bridgit’s cloud-based resource planning solution eliminates spreadsheets and increases efficiencies
Contractors across North America rely on Bridgit’s flagship solution Bridgit Bench to manage workforce utilization and capacity, resource allocation, skills tracking, and employee scheduling – replacing outdated spreadsheets that require error-prone and time-intensive manual entry. With a real-time view of workforce allocation, Bridgit Bench enables construction companies to match the right people to the right projects, increasing operational efficiency, mitigating workforce-related risks, and improving profits.
Used together, BuildingConnected, PlanGrid and Bridgit Bench provide a holistic view of the entire resource planning process so contractors can finish projects on time and on budget. Bridgit plans to integrate workflows between Bridgit Bench and Autodesk Construction Cloud, providing a critical link between preconstruction resource planning and site execution project management.
“As one of the world’s leading construction and development companies, our resource planning is a complex and interrelated matrix of people and projects,” said Timothy Johnson, executive vice president and general manager for Skanska USA Building’s Oregon operations. “Bridgit’s cloud-based solution is purpose-built for the construction industry. It allows for dynamic resource planning and integrates with our existing construction technology stack, greatly simplifying our people allocations. Now that we’ve standardized on BuildingConnected for our operations here in the U.S., and implemented Bridgit Bench in Oregon, we expect to see even more efficiencies.”
Broccolini, a family-owned and run single-source provider of construction, development and real estate services to the industrial, commercial, institutional and residential markets in Canada, uses Bridgit to strategically assign and manage their resources.
“We’re juggling 350 resources across three districts, so there’s a lot of complexity to our workforce plan. Prior to Bridgit Bench, doing the mental math around assigning resources had become impossible for us,” said David Ieroncig, vice president of construction at Broccolini. “The team at Bridgit is receptive to our workforce management needs, and continuously implements features and updates that make the tool as efficient as possible. We don’t take technology initiatives lightly, but we trust Bridgit and have viewed them as a partner in our success as an organization.”
Bridgit is a Canadian software company focused on developing mobile and web-based solutions for the construction industry. In 2019, Bridgit launched a new construction workforce planning platform, Bridgit Bench. General contractors and subcontractors across North America are using Bridgit Bench to simplify project planning and allocation processes. Headquartered in Kitchener, Ontario and founded in 2014, Bridgit has raised over $21.2 million CAD in equity financing, inclusive of this round, with capital from investors such as Autodesk, BDC, EDC, IAF, Salesforce Ventures, Sands Capital, and Stand-Up Ventures, among others. For more information, please visit www.gobridgit.com or follow @bridgitsolutions.
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information, please visit www.autodesk.com or follow @autodesk.
Autodesk, the Autodesk logo, Autodesk Construction Cloud, BuildingConnected and PlanGrid are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2020 Autodesk, Inc. All rights reserved.
About Salesforce Ventures
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world’s largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory, and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 400 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom, and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.
For further information: Media Contact, for Bridgit: Daniela Lazarevic, firstname.lastname@example.org, 226-929-6065; Media Contact, for Autodesk: Meredith Obendorfer, email@example.com, 415-968-0889