BuildOps Raises $50 Million to Revolutionize Commercial Contracting
May. 18, 2023
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May 18, 2023
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LOS ANGELES, May 18, 2023 /PRNewswire/ — BuildOps, the only all-in-one management software built specifically for the modern commercial contractor, today announced it has raised $50 million in additional funding. The funding effort was led by Fika Ventures and 01 Advisors, a venture capital firm backed by former Twitter CEO Dick Costolo, who has also joined the Board. The funds will further their explosive growth and cement BuildOps as the market leader, revolutionizing the world of commercial specialty contractors.
This brings the total amount of funding BuildOps has raised to over $100 Million from high-profile investors including Fika Ventures, 01 Advisors, Next47, Founders Fund, B Capital Group, CBRE executives, the State of Michigan, Telstra Ventures, Gopher Asset Management, Boost Mobile CEO Stephen Stokols, former President of Salesforce Gavin Patterson, and CAA founder Michael Ovitz. The company has repeatedly impressed investors by achieving triple-digit growth rates over the past several years.
BuildOps is a purpose-built technology platform that integrates scheduling, dispatching, inventory management, contracts, workflow, purchasing, and invoicing into a single software suite for commercial contractors of all sizes, ranging from a dozen employees to several thousand.
“At BuildOps, we are on a mission to deliver a true all-in-one solution built on the latest technology to the people who keep our schools, hospitals, and communities running,” said Alok Chanani, BuildOps Co-founder and CEO. “We are privileged to work closely with some of the country’s top commercial contractors.”
BuildOps software is the primary success engine to drive massive efficiencies for commercial service and project-oriented trade contractors. The platform’s tools specifically meet the needs of these contractors’ workflows and address industry-wide challenges like supply chain delays and the skilled labor shortage. Customers are seeing significant and measurable top-line growth, cost reductions, and overall profitability gains by using the BuildOps platform.
The industry response and customer impact caught the attention of Dick Costolo and Adam Bain, Co-Managing Partners at 01 Advisors. As the former CEO and COO of Twitter, the two are no strangers to hyper-growth, having scaled the company tremendously in users and international expansion while catapulting revenue from $300 Million to over $2 Billion under their leadership.
“The construction and commercial contractor industry is being transformed by BuildOps game-changing technology and the passion the leadership team has brought to bear,” shared Dick. “We are massive believers in the team and their impact on the industry – particularly for any sophisticated enterprise or private equity player – they cannot operate without a best-in-class platform, and BuildOps is the heartbeat of their businesses. It’s incredible to witness their growth. We are so excited to partner with Alok and the rest of the team to fuel BuildOps to an IPO.”
This exceptional vote of confidence is echoed by Liquid 2 Ventures Managing Partner and former National Football League superstar Joe Montana.
“Liquid 2 Ventures has an investment thesis in supporting the blue-collar trades. I just love the idea of making their lives far easier and better,” said Montana. “You have one solution that does it all and talks seamlessly to every single part of their business, from parts to ordering to inventory, and more. There are very few world-class technology solutions for commercial subcontractors like BuildOps, and we believe in the leadership.”
“BuildOps has quickly become integral to our portfolio of world-class service companies, particularly when it comes to servicing our large enterprise customers,” said Joel Lehman, President of Smart Care – Climate Solutions, a national repair and service provider for commercial foodservice, refrigeration, HVAC and cold storage equipment with service coverage spanning 80+% of the US population. “We happily converted four separate systems and replaced them all with BuildOps which resulted in an immediate impact to service ticket efficiency, thus decreasing our days to resolve. This, along with dozens of other optimizations, has led to a dramatic lift in profit margin and revenue. It’s now the foundation for our operations, and we are rolling it out across our entire portfolio.”
BuildOps’ exponential trajectory confirms the desperate need for a modern, cloud-based solution built for the commercial contractor,” said Scott Nolan of Founders Fund, a venture capital firm co-founded by Peter Thiel. “Before BuildOps, commercial contractors didn’t have great options for software to run their whole business. We’re thrilled to support BuildOps and their industry-leading technology that serves the people keeping the country running.”
BuildOps is a fast-paced, high-growth technology company committed to transforming a $300B+ industry through an innovative all-in-one SaaS platform. We’re taking commercial specialty contractors from the world of pen and paper and legacy platforms to world-class cloud-based, data-driven operations.