Briq, a fintech platform catering to the construction industry, has successfully raised $30 million in a Series B funding round led by Tiger Global Management. This funding round stands out as one of the most substantial Series B raises for a construction software startup. With this latest infusion of capital, Briq’s total funding since its inception in January 2018 reaches $43 million. Eniac Ventures and Blackhorn Ventures, existing backers, also participated in the round.
Briq’s CEO and co-founder, Bassem Hamdy, previously held executive positions at construction tech giant Procore and Canadian software company CMiC. Co-founder and COO Ron Goldshmidt brings Wall Street expertise to the team.
The fintech firm positions itself as a provider of a financial planning and workflow automation platform designed to significantly reduce the time required for critical financial processes while enhancing forecast accuracy. Briq differentiates itself through a proprietary technology toolbox that can extract and manipulate financial data without relying on APIs. Moreover, it has developed construction-specific data models for creating projections and cost estimates for projects. Presently, Briq manages or forecasts around $30 billion in construction volume.
Briq’s key offerings include the Corporate Performance Management (CPM) platform, modeling financial outcomes at both project and corporate levels, and BriqCash, a construction-specific banking platform for managing invoices and payments. The platform’s overarching goal is to enable contractors to seamlessly navigate from project planning to payment, addressing the persistent challenge of construction projects frequently exceeding budget constraints. Briq’s ambitious long-term mission is to manage 80% of the money workflows in construction within the next decade.
