ConTech Company Bridgit Raises $24 Million Series B Round With a Blueprint For Big Growth
Bridgit, a Toronto-based workforce intelligence
technology company that’s focused on the construction industry, is announcing today that it has
raised $24 million in Series B funding. Founded by Chief Executive Officer Mallorie Brodie and
Chief Operating Officer Lauren Lake, Bridgit’s post-Series B blueprint includes building out its
team, furthering its product development activities, and laying the groundwork for increasing
market share. Further, Bridgit is also announcing 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 — and two new board
members. The restructured board includes Arun Penmetsa, Partner at Storm Ventures and
Mitchell Schear, Executive Partner at Camber Creek.
“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. “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.”
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 — all of which were attracted by Bridgit’s fast growth and innovative product offerings.
The company’s flagship solution, Bridgit Bench, is a digital, cloud-based platform that 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.
Bridgit Bench has been a catalyst in attracting new talent, customers, and investors. It has helped
the company double in size and increased revenue by 140% since its last funding round.
“Construction technology drives massive improvements in the safety, productivity, and bottom
line for general contractors. It’s no wonder half of venture funding over the past 3 years has gone
to ConTech,” said Arun Penmetsa, Partner at Storm Ventures. “By transforming workforce data
into actionable insights, Bridgit’s customers leverage their most important tool in their tool belts
— their people — to reduce risk and maximize profit.”
“Bridgit drives meaningful value to leading construction companies by helping them maximize
team member contributions,” said Mitchell Schear, Executive Partner at Camber Creek. “It is an
intuitive, easy-to-use platform that makes complex operations simple.”
After launching its workforce intelligence solution in 2019, Bridgit has scaled significantly.
Since its last funding round, Bridgit has hired 39 new employees for a total of 83, and is
currently hiring for sixteen more positions. It has also onboarded 58 new customers, which
include Clayco, The Walsh Group, and Hoffman Construction, with enterprise-wide agreements
signed with Skanska, Ryan Companies, and Alberici-Flintco. The company is now partnered
with over 16% of the Engineering News-Record’s Top 400 Contractors — the largest contractors
in the U.S. based on revenue.
“As a leading general contractor in Texas, our goal is to consistently deliver high-quality
buildings in a variety of market sectors, while exceeding the most demanding expectations,” said
Johnathon Grammer, Director of Operational Excellence at Rogers-O’Brien Construction.
“Bridgit gives us the ability to put the right people on the right jobs at the right time. This gives
us a distinct competitive edge by allowing us to put our best teams forward, while pursuing and
winning bids on projects where we are positioned to be most successful.”
Additionally, Bridgit has released 33 new features and announced 16 integrations (with
companies such as Procore and Autodesk), with plans for many more in the future. With a fresh
infusion of capital, executive talent, and seasoned board members, Bridgit is seizing the
momentum and preparing to further disrupt the industry in the years ahead.