Builk One Group, a Thai construction-tech company, has raised an undisclosed amount in Series B financing from Beacon VC, the venture arm of Kasikorn Bank, and three other unnamed strategic investors.
Other details of the deal haven’t been disclosed.
The Bangkok-headquartered startup will use the money to strengthen its technology and financial services to enhance local companies’ construction material management process and propel the industry towards the digital era.
According to Builk, this innovation is expected to benefit the construction supply chain, property developers, contractors, manufacturers and distributors of construction materials.
The company also plans to use a portion of the capital to strengthen its product and expand within the ASEAN region.
Previously, Builk raised investment from Thai corporate venture capital funds Moonshot Venture Capital and AddVentures by SCG.
Founded in 2015, Builk provides a business management and online construction material trading platform for construction companies. It helps companies to digitise their construction projects, which include tracking inventory and gathering construction information.
Its SaaS offerings include Pojjaman2 (the fully cloud-based ERP system for large construction enterprises) and Builk.com (a free cost control software for SME contractors in Asia).
Moreover, the company has also developed a technology for construction sites to enhance their operational efficiency and reduce errors.
The firm claims it has helped more than 3,500 companies in the industry to digitise their work process through its SaaS offering and workflow-integrated marketplace models.
Its source of revenue mainly comes from advertisements, construction market research, and licensing.
Builk claims to have helped more than 3,500 companies in the industry digitise their work process through its SaaS offering and workflow-integrated marketplace models.
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Despite running on a freemium model, Builk said that it has generated a sales turnover of more than 500 million baht (US$16 million) in 2020.
Thanapong Na Ranong, Managing Director of Beacon VC said, the VC firm is interested in the domestic construction industry because it still has a lot of opportunities to be digitised.
“Despite changes in the Thai construction industry along with challenges stemming from the recent disruption of new construction businesses and an unexpected pandemic, which has hurt the economy and private construction business, the construction industry remains imperative to Thailand’s development and growth,” he commented.
“The company has developed the Builk Platform to help Thai construction entrepreneurs operate more effectively, giving them improved access to funding or financial products. These goals align with Beacon Venture Capital’s vision to bring in digital innovation together with KBank’s financial capabilities to help contractors operate their businesses more systematically, eliminate redundancies, and improve access to capital,” said co-founder of Builk, Patai Padungtin.
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