Portfolio Profiles: BuildingConnected
Meet the Kiddar portfolio company revolutionizing the construction bidding process.
“Everyone saves time. And that matters.” — BuildingConnected
It’s also plagued with inefficiency. Large construction jobs typically take 20% longer to finish than scheduled, and cost up to 80% over the original quoted budget.
Bid management — the process through which owners select general contractors (GCs) and GCs select subcontractors — is part of the problem. The bidding process is archaic, and often done piecemeal. What’s more, companies, firms, and GCs maintain their own lists of contractors: there is no central, consolidated database. If a company wants to enter a new area, they have to rely on their network or conduct research to find the people they need.
BuildingConnected has created a technology to simplify the process. Using BuildingConnected, users can create projects, bid on or accept bids on projects, share documents, track performance analytics, and communicate with an entire database of professionals.
The streamlined bidding management platform is already the standard for many owners and GCs: in October 2016 alone, BuildingConnected managed the bidding process for over $40B in new construction. The company increased their user base eightfold from January to December 2015, with a similar growth rate projected for 2016 (final numbers for 2016 have not yet been released).
Kiddar Capital invested in BuildingConnected in September 2016. “BuildingConnected thoroughly understands the needs of construction stakeholders, and they have already demonstrated remarkable traction in the space,” says real estate and construction veteran Todd Hitt, founder of Kiddar Capital.