Vancouver-based BuildDirect has acquired Waterloo-based startup DraftingSPACE for an undisclosed amount. DraftingSPACE is an online platform that creates several customized design options for your home renovation. The company was started by co-founders Beth Nenniger and Laura Austin in 2013 and are currently based out of the Velocity Garage, which is where they recently won $25,000 at the Velocity Fund Finals.
DraftingSPACE’s platform is specifically targeted to bathrooms, but the company notes that “other rooms that are coming soon include kitchens, bedrooms, living rooms, basements, home offices and recreation rooms.”
With BuildDirect acquiring DraftingSPACE, a new Waterloo office will be formed. “We’ll be heading up the design centre team,” said Beth Nenniger. “We get to continue to do what we love to do, which is automating the home design space and making it possible for every homeowner to be their own designer.”
DraftingSPACE is looking at office space outside of Velocity and also expects to expand its team to 10 by the end of the year.
“For every step of the process that you need to go through to get a renovation done, we’ll be there to help you, and this new partnership will enable us to do more with that,” said Nenniger.
BuildDirect recently announced a massive$50 million raise from Mohr Davidow Ventures, BDC Capital, Difference Capital Financial, OMERS Ventures, BMO Asset Management, and Scotia Institutional Asset Management, amongst others. The company has received a total of $112.2 million in venture capital funding to-date and is heavily rumoured to file for an IPO in the coming months.
