Bridgit, a Toronto-based SaaS startup, has raised $24 million CAD in its Series B financing round co-led by Camber Creek and Storm Ventures.
Other participating investors include Nine Four Ventures, along with existing investors BDC Capital’s Women in Technology Venture Fund, StandUp Ventures, Sands Capital, and Vanedge Capital. The fresh funding brings Bridgit’s total funding to approximately $45 million CAD in equity financing.
Founded in 2014, Bridgit offers a project management platform for construction businesses. Its flagship product, Bridgit Bench, is a digital, cloud-based platform that aims to support general contractors while they plan and grow their workforce. Using aggregated project data, the technology can be leveraged to improve staffing decisions and forecast project pipelines.
The company is the brainchild of Mallorie Brodie and Lauren Lake, holding the titles of chief executive officer and chief operating officer, respectively. Brodie and Lake founded the company after the two met in the 2013 Next 36 young-entrepreneur program in Toronto. Both have been named on the 2019 Forbes Manufacturing and Industry 30 under 30.
According to the company, its new capital will be used for building out its team, furthering its product development activities, and “laying the groundwork for increasing market share.”
After launching Bridgit Bench in 2019, the company has scaled its business significantly. Since its last funding round in July 2020 where it raised $9.4 million CAD, Bridgit has hired 39 new employees, bringing its total workforce to a team of 83.
Bridgit claimed it has seen a “staggering rate of adoption” by North American contractors, onboarding 58 new customers including names such as Clayco, The Walsh Group, Hoffman Construction, Skanska, Ryan Companies, and Alberici-Flintco. The company also claims it is partnered with over 16 percent of the Engineering News-Record’s Top 400 Contractors, the largest contractors in the United States based on revenue.
Along with the new capital, Bridigt restructured its board of directors to include Arun Penmetsa, partner at Storm Ventures, and Mitchell Schear, executive partner at Camber Creek.
The startup also announced the hiring of two new additions to its C-suite. Amy Abascal, former head of online marketing and demand generation for Aconex, who was appointed as vice president of marketing; and Jason Fitzpatrick, previously the senior vice president of sales at Intelex Technologies, was named senior vice president of sales at Bridgit.