Calgary-based construction tech startup Falkbuilt, has raised $14 million CAD in Series A financing.
The round has closed with $14 million CAD, with the potential for an additional $6 million based on subsequent operational milestones, which would bring the round’s total to $20 million.
“With the tremendous efficiencies it delivers and a rapidly growing…client base, Falkbuilt is poised for success.”
The financing was led by RET Ventures, a real estate technology-focused venture capital firm. BetaKit has reached out to Falkbuilt to confirm whether any other investors participated in the round. The new capital will be used by Falkbuilt to continue growing its market share and comes after a year of global expansion for the startup.
Mogens Smed, CEO of Falkbuilt called the Series A round a validation of the startup’s vision and approach to interior construction, adding he looked forward to growing Falkbuilt’s market share.
Founded in 2019 by interior construction veterans Smed and Barrie Loberg, Falkbuilt manufactures digital components aimed to bring speed, efficiency and sustainability to the construction industry. The team aims to build quick and cost-effective interior solutions such as doors, window frames, and walls for healthcare, education, and commercial spaces worldwide.
Falkbuilt’s software platform Echo also collects and manages all project information and using big data and artificial intelligence feeds the appropriate data to the appropriate industry-standard software.
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Since its founding last year, Falkbuilt has established a distribution network of more than 70 independently-owned branches across North America, India, and the Middle East. The startup claims these branches have already completed hundreds of installations.
During the COVID-19 pandemic, Falkbuilt has focused on creating rapid response solutions for the healthcare sector. The startup’s headwalls, which are essentially short partition walls, are aimed to help reconfigure spaces to makeshift hospitals. The headwalls have several electrical drops built-in as well as the necessary brackets for medical gas and bed lights.
“Falkbuilt’s leadership team has an incredible track record in the interior construction market, and the company’s pre-fabricated solutions and Echo software deliver significant value to stakeholders across architecture, design and construction,” said Christopher Yip, partner at RET Ventures.
“With the tremendous efficiencies it delivers and a rapidly growing domestic and international client base, Falkbuilt is poised for success,” added Yip.
Image source Falkbuilt.