“Every building is a prototype. No two are alike” – Helmut Jahn, Architect
This morning, EQT Ventures announced its EUR 23.4m investment in Swedish BIMobject, a company that is operating at the forefront of digitizing the construction industry.
But wait, what? You just invested a big ticket in a public company?
We met Stefan, the CEO, and the rest of the team at BIMobject just over a year ago. The company had created the the world’s largest and fastest growing BIM content platform, enabling architects, engineers and designers to use real, branded objects in their drawings instead of placeholders, and also provides manufacturers with data on where their products are used. We were impressed by how manufacturers could get their products specified in the early phases of the building lifecycle, which led to all other parties getting access to a central repository with digital versions of real products for their constructions.
But what we really liked, was how the company was taking on construction as a whole, renowned for being stuck in the past. Its inefficient processes often result in high project costs, schedule overruns, excessive waste and a higher than necessary impact on the environment.
BIMobject Cloud ensures that digital representations of each component can be used early in the building process for visualisation, specification, and analysis. Every element can be digitally built, checked and issues identified before the components are created in real-life. This digitalization helps increase efficiency and ensure that the projects can be delivered on time and within budget.
The more we got to know the space and the team, the more we realized that BIMobject is very well positioned for the ongoing disruption of the construction industry.
The EUR 23.4m capital injection will be used to accelerate the growth of users and customers on BIMobject’s digital platforms in existing markets, drive continued innovation and support expansion into new markets. We look very much forward to the journey together.
In connection to EQT Ventures’ investment, MOJO Capital One as well as EA’s Patrick Söderlund and Hotels.com’s Johan Svanström are buying shares in the company.
In addition to myself, the investment advisory team on EQT Ventures’ side consisted of Hjalmar Winbladh (who will also join the board) and Indra Sharma, Venture lead. From the fund Antonie Servais led the work. The advisory team was closely supported by Lucy Wimmer, Henrik Landgren, Anton Ask Åström, Reda Bensaid, Sofia Dolfe, Adam Scheid, Erika Henriksson and Mikael Moreira from Osborne Clark. Also a big shout-out to Sven Holmgren, General Counsel at BIMobject, who during the process bumped down my girlfriend from the top position of my phone’s speed dial. Sorry Monika.