PALO ALTO, Calif., Nov. 22, 2017 /PRNewswire/ -- Buildup, a mobile collaboration and task management platform for construction jobsites, announced today it has raised $7 million in Series A funding from TLV Partners, UpWest Labs, 01Ventures, Abstract Ventures, as well as Check founders Guy Goldstein and Ahikam Kaufman. The round will be used to expand the company's engineering, sales, and marketing teams, while continuing to build out its product offering for construction projects. As part of the financing, Eitan Bek, Managing Partner at TLV Partners, will join the Buildup board of directors.
Today, companies in the trillion-dollar construction industry primarily rely on pen and paper or manual spreadsheets to manage their jobsites. This holds true for even the most complex projects that involve hundreds of stakeholders and subcontractors. As a result, the typical project sees tens of thousands of pieces of data and information lost throughout the construction process, causing significant delays and rework. In addition, construction sites regularly see 65 percent downtime due to dependencies and miscommunication across stakeholders. Technology has done little to improve this inefficiency; according to McKinsey, since 1968 labor productivity in construction has actually declined.
Buildup alleviates these issues with its mobile collaboration platform that increases jobsite efficiency and enhances communication across the ecosystem of general contractors, subcontractors, developers, and property managers. While current construction solutions serve upper management well, jobsite workers and sub-contractors are often left with scattered lists and printed documents that are difficult to track and do not reflect real-time needs. Buildup's solution, available on mobile devices and the web, complements leading project and document management systems by focusing on real-time task management and extending collaboration beyond the front office, into the field. The Buildup platform offers dynamic punchlists, easy task creation, automated task sequencing, quality control mechanisms, project insights, subcontractor performance analysis, and more. Stakeholders can use Buildup to add, update, and assign tasks in seconds, using speech-to-text and photos while on the go.
Founded by CEO Oren Cohen and CTO Yael Sherman, Buildup has seen tremendous growth over the past year, having worked with ENR-ranked top 50 companies such as Turner Construction, Whiting Turner, AvalonBay, Greystar, and many others. Buildup's collaboration platform can be used for ground-up construction or renovation projects, ranging from medium to very large developments across various asset types, such as multi-family housing, commercial developments, hotels, and more. To date, construction companies relying on Buildup have successfully accelerated their large-scale projects up to 25 percent, by increasing collaboration and shortening communication cycles. Customers have also enhanced overall construction quality by up to 80 percent by identifying and fixing defects before they are turned over to ownership.
"We are thrilled to be working with TLV Partners and our other investors to continue expanding the Buildup product and getting it into the hands of more developers, contractors, and subcontractors. Our customers have used Buildup to make jobsites more efficient and collaborative, while also gaining newfound insight into critical and timely data during the execution stage of construction projects, when most of their budget is spent," said Oren Cohen, co-founder and CEO of Buildup.
"The construction industry lags behind other markets in the overall productivity of its workers. Buildup addresses the longest phase of a construction project: building. The management team has executed extremely well, with limited resources, and has managed to achieve significant customer adoption in a challenging market," said Eitan Bek, Managing Partner at TLV Partners. "We are excited to join them on this journey as they improve productivity for construction companies in the United States and beyond."
To learn more, please visit www.Buildup.co
Buildup is a jobsite collaboration platform for construction companies, including developers, general contractors, subcontractors, and property managers. Available on mobile devices and the web, Buildup helps companies identify and resolve tasks and issues with unprecedented efficiency. The features of the platform include dynamic punchlists, easy task creation, automated task sequencing, quality control mechanisms, project insights, subcontractor performance analysis, and more.
About TLV Partners
TLV Partners is a Tel Aviv-based venture capital firm with $115M in investments dedicated to innovative A-round startups. By connecting our entrepreneurs with the resources and community they need on day one, we aim to make a lasting impact. We get excited by startups that are changing the way things work, the way people think, and the shape of our future. Learn more at www.tlv.partners
01Ventures is an early stage fund that offers Latin American investors and corporations access to technology startups in Israel and Silicon Valley. We co-invest alongside top venture capital firms and accelerators, eager to offer their portfolio companies access to the Latin American market. Our startups solve fundamental challenges by leveraging on the rise of exponential technologies and human connectivity. 01Ventures invests across a variety of industries and technologies, including Artificial Intelligence, Big Data, Virtual Reality, FoodTech, AgriTech, Consumer, and Health.
About UpWest Labs
UpWest Labs is a seed stage Silicon Valley fund investing in Israel's most promising entrepreneurs. UpWest is focused on a hands-on approach to supercharge the growth of its startups in the US providing the essential ingredients for success: Seed funding, proximity and access to markets and capital and a supportive community of peers. Its portfolio includes over 50 startups among them: cybersecurity leader SentinelOne, autonomous drone company, Airobotics, and Honeybook, a management platform for creative entrepreneurs. Learn more at www.upwestlabs.com
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