Briq Breaks New Ground With Series A Funding Round
We are excited to announce that we have secured a $10 million investment from a Series A funding round lead by Blackhorn Ventures. This investment is a great testament to the vision we have
The investment round had participation from NYC-based Eniac Ventures, MetaProp Ventures, and San Fransisco-based Darling Ventures. Crunchbase reports Blackhorn will have a board seat following the round.
Briq offers a comprehensive suite of modern technology for construction companies that includes AI based forecasting, search and automation to help modernize financial management of construction companies of all sizes.
Industry veteran Bassem Hamdy, CEO and Cofounder of Briq, stated that "We are dedicated to empowering all construction professionals with the actionable data and tools which they can use to make informed decisions and improve financial outcomes for the $11 trillion construction industry. We will be using these funds to continue our strong penetration replacing Excel and legacy solutions to allow for more accurate forecasting. This ultimately reduces billions in waste and improves profitability for the tight margins in the construction industry."
Ray Levitt, Partner at Blackhorn Ventures, sees Briq as a strategic investment in this growing market. "Blackhorn sees Briq as a leading opportunity to apply business intelligence methods and machine learning algorithms to automatically integrate legacy construction project management and ERP systems to create comprehensively integrated data pools. This allows for high-level value creation insights for project and C-level executives, allowing them to dramatically enhance the efficiency and effectiveness of both their operations and business development activities. Blackhorn views BRIQ as being in clear pole position to move the construction industry towards advanced digitization paths."
Using Briq's technology, contractors have seen immediate ROI on critical parts of their business. Jackie Buck, the CFO at Harper Construction, sees Briq as an integral piece of their financial success. “As a CFO I'm always looking for ways to maximize profit, reduce risk, and improve forecasting. Briq has paid immediate dividends… We consider Briq a partner in our business operations, not just a technology provider. So much so that we've signed a multi year contract with them."
To read more about Briq's Series A, check out the article on Crunchbase News.