Buildforce, a construction technology firm with presences in Houston and Austin, announced raising $4 million in capital Aug. 11.
The fundraising round was led by TDF Ventures, a venture capital firm with presences in Silicon Valley and near Washington, D.C. Existing investors Houston-based Mercury Fund and Austin-based S3 Ventures also contributed to the capital raise.
Buildforce's technology helps connect construction contractors with the skilled tradesmen they need to complete jobs. Using a mobile app, the company aims to streamline identifying, screening, placing and managing construction workers. The company says it can keep projects on time and on budget for contractors and can increase earnings and job security for skilled workers.
"Contractors depend on skilled and reliable tradespeople to meet project timelines. Our key insight is that by optimizing the user experience for skilled tradespeople seeking higher pay and job security, we are able to help meet contractors' needs," said Moody Heard, co-founder and CEO at Buildforce. "We're thrilled to have become the partner of choice for the top contractors in our current markets looking to connect with this workforce."
Using the $4 million in financing, Buildforce plans to invest in continued product innovation and expanding its go-to-market efforts. Since the company's launch in 2020, Buildforce said it has sustained a 10% weekly revenue growth rate and partnered with dozens of large contractors.
"The U.S. has millions of unfilled openings for skilled tradespeople, yet consistent work remains out of reach for many construction professionals," said TDF Ventures Principal Will Rayner. "Buildforce's exponential growth in 2021 is a testament to the company's ability to connect supply and demand in this difficult labor market at scale."
Mercury Fund, a returning Buildforce investor, is one of Houston's most active venture capital firms investing in technology and software companies. Mercury has invested in several other Houston-based technology companies, including Cart.com, Molecule, Graylog, WizeHire, Topl and Upgrade Boutique.
