Bridgit Secures $24M CAD to Revolutionize Construction Workforce Management

Bridgit Secures $24 Million in Series B Funding

Bridgit, a technology firm specializing in “workforce intelligence” for the construction sector, has announced the completion of a CAD$24 million (approximately US$19.4 million) Series B funding round.

Investment Details

Camber Creek and Storm Ventures jointly led this financing initiative. This latest investment brings the total funding secured by the Toronto-based startup to over CAD$35 million.

Nine Four Ventures participated in the round, alongside existing investors including BDC Capital’s Women in Technology Venture Fund, StandUp Ventures, Sands Capital, and Vanedge Capital.

Company Origins and Mission

Founded in late 2012 by CEO Mallorie Brodie and COO Lauren Lake, Bridgit was established with a core objective: to assist construction companies in maximizing profitability through a “people-first” strategy.

The founders emphasize extensive consultations with contractors and construction leaders, identifying a critical need for strategic workforce planning. This included forecasting staffing requirements and enabling collaborative access to personnel and project information, as Brodie explained.

Product Evolution

Bridgit initially launched Bridgit Field in March 2014.

In 2019, the company introduced Bridgit Bench, which has since become its primary product offering. This cloud-based platform is specifically designed for construction workforce planning, a response to the industry’s widespread labor shortages.

Bench Capabilities

Bridgit Bench is designed to empower general contractors to effectively plan and expand their workforce.

It leverages project data to refine bidding and staffing decisions, and to forecast future project pipelines.

Bridgit asserts that the ultimate outcome is enhanced productivity and increased profitability.

Addressing Industry Challenges

“Managing risk is central to the work of general contractors – ensuring the right personnel are assigned to the appropriate projects to minimize risk is a complex undertaking,” Brodie stated.

“Historically, contractors have relied on spreadsheets for people-planning, a manual and often reactive process.

“With the current labor shortage, proactively developing a ‘people strategy’ is a top priority for builders throughout North America.”

Growth and Momentum

Bridgit Bench has been instrumental in attracting the company’s recent funding.

In July 2020, Autodesk, a leading construction design software provider, spearheaded a CAD$9 million investment in Bridgit.

Since then, the company’s team has grown from 46 to 83 employees, and revenue has increased by 140%, according to Lake.

During this period, Bridgit has added 58 new clients, including Clayco, The Walsh Group, and Hoffman Construction, and secured enterprise-wide agreements with Skanska, Ryan Companies, and Alberici-Flintco.

Impact of Digital Transformation

The COVID-19 pandemic and the subsequent acceleration of digital adoption also played a role in Bridgit’s success.

“The pandemic compelled construction companies to digitize remaining paper-based processes, leading to increased utilization of our workforce planning platform,” Lake shared with TechCrunch.

Future Plans

The newly acquired capital will primarily be allocated to team expansion, product development, and strengthening the company’s go-to-market strategy.

Investor Perspective

“The construction tech market is experiencing rapid growth, and for valid reasons,” commented Arun Penmetsa of Storm Ventures, who joined Bridgit’s board as part of the funding round.

Penumetsa highlighted Bridgit’s role as a unifying platform for organizational data, providing “unprecedented visibility” into personnel and projects, alongside supporting workflows for analytics, compliance, and prediction.

“Bridgit’s approach is distinct from other companies in the sector, as most organizations still depend on Excel,” he added. “They truly offer something unique.”

Note: This article has been updated to clarify that the funding round was conducted in Canadian dollars.