Construction tech startup Buildforce closes $4m financing to sustain its revenue growth rate

On the heels of rapid growth, construction tech company Buildforce announced it closed a $4 million round led by TDF Ventures, alongside existing investor Mercury and Austin-based S3 Ventures. The additional investment will help Buildforce sustain its 10% weekly revenue growth rate through continued product innovation and expanded go-to-market efforts.

Leveraging a mobile app-based experience, Buildforce streamlines the process for identifying, screening, placing, and managing skilled construction professionals on behalf of construction contractors. Buildforce helps keep projects on-time and on-budget while creating significant administrative cost savings for construction contractors. For construction tradesmen, Buildforce increases lifetime earnings, improves job security, and provides continuous high-quality work in an industry rife with layoffs at the end of a project. The end result is a win-win for both sides of the marketplace.

Beau Pollock, CEO, TRIO Electric: "Buildforce is helping solve the workforce shortage by matching the skills job seekers have with the skills employers need. Moody and his team have developed a new and much needed solution for the construction industry." Pollock is also an investor and member of the company's Board of Directors.

According to the Associated General Contractors of America, the US construction industry has more than 733,000 employers, over 7 million employees, and nearly $1.4 trillion in annual construction volume. Specialty contractors responsible for performing the work spend on average 40% of annual revenue on their workforce, but experience on average 80% annualized employee turnover due to a variety of factors inherent to the construction industry. And due to high demand for homes, buildings, and other physical assets, jobs in the construction trades that Buildforce services are expected to grow 8% annually over the course of the next decade, or twice the national average.

Will Rayner, Principal, TDF Ventures: "The US has millions of unfilled openings for skilled tradespeople, yet consistent work remains out-of-reach for many construction professionals. 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."

Moody Heard, Co-founder and CEO, Buildforce: "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. We're thrilled to have become the partner of choice for the top contractors in our current markets looking to connect with this workforce."

www.buildforce.com