BuildOps Secures $127 Million in Series C Funding to Transform Commercial Contracting
BuildOps, a Los Angeles-based software provider for commercial contractors, has raised $127 million in Series C funding to enhance its innovative platform aimed at streamlining the contracting processes. This substantial investment boosts the company’s valuation to $1 billion, reflecting a significant growth trajectory.
BuildOps, a tech company focused on revolutionizing commercial contracting processes, has successfully secured $127 million in a Series C funding round, led by Meritech Capital. The funding, announced on Friday, elevates the company’s post-money valuation to $1 billion. Founded in 2018, BuildOps develops advanced software solutions for commercial contractors in the U.S. and Canada, providing services like project management, dispatching, and invoicing through AI-powered automation.
Significant Funding Milestones for BuildOps
- Series C funding of $127 million led by Meritech Capital
- Valuation of $1 billion, more than double its previous funding round
- Total investment raised exceeds $250 million since inception
Previous Funding Rounds and Growth Trajectory
BuildOps saw previous financial success with:
- A $50 million Series B round in May 2023
- A subsequent $36 million “top-up” funding from existing investors
CEO Alok Chanani expressed his enthusiasm, stating that the latest funding will facilitate aggressive scaling and development of new technology. “I talk to contractors every day, and they’re busting their backs keeping our world running,” Chanani shared, highlighting the challenges faced by contractors today.
Innovative Solutions Tailored for Commercial Contractors
BuildOps has developed a robust software-as-a-service (SaaS) model, assisting over 1,000 commercial contractor clients, including industry leaders such as J.H. Kelly and Haynes Mechanical. The software aids in:
- Enhancing operational efficiency
- Reducing costly mistakes
- Decreasing downtime
- Boosting profitability
The company has experienced consistent revenue growth since launching its platform, surpassing seven figures within its first year and tripling that figure in subsequent years, despite not yet achieving profitability.
Plans for Future Expansion
BuildOps intends to use the new capital to:
- Expand its workforce, currently at 375 employees
- Invest in product innovation, specifically API architecture
- Explore strategic acquisitions to enhance service offerings
“Commercial services is a massive and critical segment of our economy that has been woefully underserved by modern software,” said Paul Madera, general partner at Meritech Capital, who will join BuildOps’ board as part of the financing.
Recognition and Future Outlook
Not only is BuildOps evolving as a critical resource for contractors, but it has also been recognized as one of the most notable startups in its field. TechCrunch’s Connie Loizos highlighted BuildOps in 2019 as a startup to watch.
With backing from both new and existing investors, including Bond Capital and Schneider Electric’s SE Ventures, BuildOps is set to transform the commercial contracting landscape, leveraging technology to better serve its clients.
As BuildOps ventures into the future, its commitment to innovation and support for commercial contractors remains steadfast, positioning itself for continued success despite the challenges in the industry.
Conclusion: BuildOps is poised to redefine commercial contracting with its latest funding, innovative software solutions, and strategic growth plans, making a significant impact on the industry and its clients.
Keywords: BuildOps, Series C funding, commercial contractors, software as a service, capital investment, AI automation, construction technology
Hashtags: #BuildOps #CommercialContracting #FundingNews #ConstructionTech #SaaS
