Bridgit raises $1.5 million from CIBC Innovation Banking

Bridgit

Kitchener-based Bridgit, a project management platform for construction businesses, has received $1.5 million in debt growth capital financing from CIBC Innovation Banking.

“Bridgit has done a fantastic job of meeting the needs of their market and creating easy-to-use workflow management solutions.”

The funding follows the startup’s $6.2 million Series A (closed in March), and will be used to support Bridgit as it expands its business with Bridgit Bench, a resource planning tool, made available in May. Bridgit Bench, the company’s second product, was stealth launched in February to a small group of prospects, designed to eliminate the need for Excel spreadsheets, through a platform that streamlines the process of managing projects and teams.

“It was really important for us to partner with a debt provider that understood our vision and we’re excited about the massive opportunity for new and innovative solutions in the construction industry,” said Mallorie Brodie, CEO at Bridgit. “Post-closing, Amy [Olah, of CIBC] and her team have continued to support us with their extensive industry experience.”

RELATED: Hootsuite raises $65 million from CIBC Innovation Banking

The Bridgit Bench product was launched soon after the startup received $750,000 from the federal government through FedDev Ontario. The company was founded in 2017 by Brodie and Lauren Lake, who both were recently named on the 2019 Forbes Manufacturing and Industry 30 Under 30. Aside from its Series A, Bridgit has raised a $2.2 million seed round in 2016 and has also participated in the Creative Destruction Lab’s acceleration program.

The company’s solutions are target toward general contractors, engineering firms, and real-estate developers in North America. These solutions include Bridgit Quality, an inspection management solution, Bridgit Insights, a dashboard of a project’s task and inspection metrics. These solutions are part of the Bridgit Field suite, while Bench concentrates on office-based operations.

“We are very excited to be working with Bridgit,” said Amy Olah, executive director at CIBC Innovation Banking. “The team at Bridgit has done a fantastic job of meeting the needs of their market and creating easy-to-use workflow management solutions that are changing the way construction companies manage their projects and people.”

Image courtesy Bridgit

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast