Bridgit, a female-led and Ontario-based workforce intelligence technology company for the construction industry, announced it has raised $24 million CAD in Series B funding.
Founded by Chief Executive Officer Mallorie Brodie and Chief Operating Officer Lauren Lake, Bridgit has experienced impressive growth since it emerged on the scene to shake up the construction industry in 2012.
Workforce intelligence from Bridgit transforms workforce data into actionable insights that inform an organization’s strategic and tactical business decisions. The company’s flagship solution, Bridgit Bench, launched in 2019 and has been a catalyst in attracting new talent, customers, and investors. The digital, cloud-based platform helps general contractors plan and grow their workforce, leverage project data to improve bidding and staffing decisions, and forecast project pipelines to increase productivity and profitability.
Since its last funding round, Bridgit has hired 39 new employees for a total of 83, and is currently hiring for 16 more positions. It’s also increased its revenue by 140%. The company is now partnered with over 16% of the Engineering News-Record’s Top 400 Contractors -- the largest contractors in the US based on revenue.
This latest funding round was co-led by Camber Creek and Storm Ventures. Additional investors include Nine Four Ventures, along with existing investors BDC Capital’s Women in Technology Venture Fund, StandUp Ventures, Sands Capital, and Vanedge Capital.
According to the company, Bridgit’s Series B blueprint includes building out its team, furthering its product development activities, and laying the groundwork for increasing market share.
“When we went on the hunt to solve the industry’s next challenge, my co-founder and I spoke with hundreds of contractors and construction executives to understand how technology could make them more successful. Clear themes emerged, including more strategic workforce planning, the need to forecast future staffing demands, and collaborative access to people and project data,” said Mallorie Brodie, CEO and Co-Founder at Bridgit.
READ: Toronto’s Construction Industry Grapples with Crippling Labour Shortage
“In just over two years since launching, we’ve experienced a staggering rate of adoption by North America’s biggest general contractors like Skanska, Balfour Beatty, and Ryan Companies, among others. This Series B funding round will fuel rapid product development and aggressive hiring, so we can continue to bring innovative solutions to the forefront of the construction industry.”
Birdgit also announced the hiring of two new executives; Amy Abascal (formerly of Aconex and Oracle Primavera) as Vice President of Marketing and Jason Fitzpatrick (formerly of Intelex) as Senior Vice President of Sales. A restructured board includes two new members; Arun Penmetsa, Partner at Storm Ventures, and Mitchell Schear, Executive Partner at Camber Creek.
Bridgit's goal to help general contractors plan and grow their workforce is especially pertinent at a time when the construction industry finds itself in the midst of a labour crisis.
