Total amount raised
$54 Millions
Latest funding date
01/01/2024
Location
Briq has successfully raised multiple funding rounds, with the latest being a Series B round. The platform leverages artificial intelligence to automate financial processes in the construction industry, offering tools that transform data into actionable insights.
Keep reading to explore the intricacies of Briq's fundraising journey and the investors backing this innovative platform.
What Is Briq?
Briq, founded in January 2018, is a financial automation platform based in Santa Barbara, California. The company leverages artificial intelligence to automate financial processes in the construction industry, transforming data into actionable insights.
Founded by Bassem Hamdy and Ron Goldshmidt, Briq employs between 101 and 250 people. The platform aims to streamline complex financial processes, helping clients plan and forecast more predictable business outcomes while controlling overhead costs.
How Much Funding Has Briq Raised?
- Seed Round
- Amount Raised: $3M
- Date: February 2019
- Lead Investors: Eniac Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their AI-driven financial automation platform.
- Seed Round
- Amount Raised: $3M
- Date: October 2019
- Lead Investors: Blackhorn Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their team and enhance their technology.
- Series A
- Amount Raised: $10M
- Date: May 2020
- Lead Investors: Blackhorn Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and further develop its AI-driven financial automation platform.
- Series B
- Amount Raised: $30M
- Date: June 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and enhance product offerings.
- Series B Extension
- Amount Raised: $8M
- Date: January 2024
- Lead Investors: Alumni Ventures, Blackhorn Ventures, Eniac Ventures, MetaProp
- Valuation at Round: $150M
- Motivation Behind the Round: To wait out the market and raise a smaller amount with less dilution at a flat valuation.
Total Amount Raised: $54M. Current Valuation: $150M.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm focused on public and private companies in the technology, software, consumer, and financial technology sectors.
- Investment Focus Areas: Technology, software, consumer, financial technology
- Notable Investments: Facebook, LinkedIn, Spotify
- Blackhorn Ventures
- Details: Blackhorn Ventures is a venture capital firm that invests in companies driving industrial and resource efficiency, with a focus on energy, transportation, and construction technology.
- Investment Focus Areas: Industrial efficiency, resource efficiency, energy, transportation, construction technology
- Notable Investments: Proterra, AMP Robotics, Carbon Clean
- Eniac Ventures
- Details: Eniac Ventures is an early-stage venture capital firm that invests in technology startups, particularly in the mobile, enterprise, and consumer sectors.
- Investment Focus Areas: Early-stage technology startups, mobile, enterprise, consumer sectors
- Notable Investments: Aircall, Alloy, Attentive
- MetaProp
- Details: MetaProp is a venture capital firm focused on real estate technology (PropTech), including construction tech, property management, and real estate marketplaces.
- Investment Focus Areas: Real estate technology (PropTech), construction tech, property management, real estate marketplaces
- Notable Investments: HqO, Bowery Valuation, Spruce
- Nemetschek
- Details: Nemetschek is a global software provider for the architecture, engineering, construction, and media industries, offering solutions that support the entire lifecycle of buildings and infrastructure projects.
- Investment Focus Areas: Software solutions, architecture, engineering, construction, media industries
- Notable Investments: Bluebeam, Graphisoft, Vectorworks
What's Next for Briq?
As Briq looks to the future, the company is poised to capitalize on significant opportunities in the construction industry. With plans to expand into new geographies such as the Middle East, Asia, and non-English emerging markets in Europe, Briq aims to tap into large, untapped markets. The introduction of conversational AI for financial transactions in 2024 is another promising development that could revolutionize financial workflows in the industry.
Given these opportunities, future fundraising rounds, including a potential Series C, seem likely. Continued support from existing investors like Tiger Global, Blackhorn, Eniac, MetaProp, and Nemetschek will be crucial. However, Briq will need to navigate challenges such as competition from established players like UiPath and Automation Anywhere, and managing growth while maintaining product quality and customer satisfaction.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Briq and gather other critical business insights. Sign up for free and start transforming your sales strategy today.
