Buildforce Closes $4M Financing to Continue Rapid Growth
HOUSTON and AUSTIN, Texas, Aug. 11, 2021 /PRNewswire/ -- On the heels of rapid growth, construction tech company Buildforce (headquartered in Houston, TX and Austin, TX) today announced it closed a $4 million round led by TDF Ventures, alongside existing investor Mercury and Austin-based S3 Ventures. The additional investment will help Buildforce sustain its 10% weekly revenue growth rate through continued product innovation and expanded go-to-market efforts.
Leveraging a mobile app-based experience, Buildforce streamlines the process for identifying, screening, placing, and managing skilled construction professionals on behalf of construction contractors. Buildforce helps keep projects on-time and on-budget while creating significant administrative cost savings for construction contractors. For construction tradesmen, Buildforce increases lifetime earnings, improves job security, and provides continuous high-quality work in an industry rife with layoffs at the end of a project. The end result is a win-win for both sides of the marketplace.
"Buildforce is helping solve the workforce shortage by matching the skills job seekers have with the skills employers need," said Beau Pollock, CEO of TRIO Electric, one of the largest commercial electrical contractors in Texas and a client of the company. "Moody and his team have developed a new and much needed solution for the construction industry." Pollock is also an investor and member of the company's Board of Directors.
According to the Associated General Contractors of America, the US construction industry has more than 733,000 employers, over 7 million employees, and nearly $1.4 trillion in annual construction volume. Specialty contractors responsible for performing the work spend on average 40% of annual revenue on their workforce, but experience on average 80% annualized employee turnover due to a variety of factors inherent to the construction industry. And due to high demand for homes, buildings, and other physical assets, jobs in the construction trades that Buildforce services are expected to grow 8% annually over the course of the next decade, or twice the national average.
"The US has millions of unfilled openings for skilled tradespeople, yet consistent work remains out-of-reach for many construction professionals," said Will Rayner, Principal, TDF Ventures. "Buildforce's exponential growth in 2021 is a testament to the company's ability to connect supply and demand in this difficult labor market at scale."
"Contractors depend on skilled and reliable tradespeople to meet project timelines," said Moody Heard, co-founder and CEO, Buildforce. "Our key insight is that by optimizing the user experience for skilled tradespeople seeking higher pay and job security, we are able to help meet contractors' needs. We're thrilled to have become the partner of choice for the top contractors in our current markets looking to connect with this workforce."
About Buildforce
Buildforce is building the first ever career lifecycle platform for people in the construction trades. It's end-to-end career platform enables people in the construction trades to leverage their skills to maintain consistent work at fair pay and with the benefits of a W-2 employee. Since its launch in 2020, Buildforce has become the go-to partner helping dozens of the largest contractors across its focus geographies connect with this workforce.
About TDF Ventures
TDF Ventures is an early-stage venture capital firm with offices in Washington, DC and Silicon Valley. We focus on startups that serve enterprise markets within infrastructure, software, and services (IaaS, SaaS, XaaS). We are currently investing out of a $150M Fund V. Current areas of focus include AI/ML, business process automation, cybersecurity, e-commerce, infrastructure software, fintech, and logistics tech.
About Mercury
With over $500 million under management, and over $6.5 billion of value creation since inception, Mercury focuses on entrepreneurs and software innovation originating in Middle America. Our investment themes target SaaS, Cloud, and Data/AI platforms that make the markets and industries of Middle America more competitive and efficient.
About S3 Ventures
S3 Ventures is the largest venture capital firm focused on Texas. Backed for 15+ years by a philanthropic, multi-billion-dollar family, we empower great entrepreneurs with the patient capital and true resources required to grow extraordinary, high-impact companies in Business Technology, Consumer Digital Experiences, and Healthcare Technology.
SOURCE Buildforce
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