Bangkok-headquartered construction-tech company Builk One Group has secured an undisclosed amount in a Series B extension round from investors including SCG, Krungsri Group’s corporate VC arm Krungsri Finnovate, and BCH Ventures, a subsidiary under Thai telecommunication giant Benchachinda Group.
This new investment arrives five months after it received the first tranche of the Series B round from Beacon VC, the venture arm of Kasikorn Bank, and three other unnamed strategic investors.
Builk One Group plans to use capital to strengthen its SaaS offerings in the construction and real estate industry. The fund will also be used to expand its solutions on a secured cloud infrastructure that will meet future work requirements.
As per Krungsri Bank’s statement, Builk One Group is aiming for an IPO next year.
Founded in 2005, Builk One Group has leveraged its over 16 years of experience in building construction management software to create new business model innovations in the construction industry. The firm helps companies in Thailand and ASEAN to digitalise their construction projects through a range of SaaS offerings, including business management services and online construction material trading platforms.
The company has also developed a technology for construction sites to enhance operational efficiency and reduce errors.
In March, Builk shared its plan to double down on its technology and financial services to enhance local companies’ construction material management process and propel the industry towards the digital era.
Builk claims to have a user base of more than 40,000 businesses in ASEAN and is said it witnesses a growth rate even though the industry has been affected by the COVID-19 pandemic.
Under the new synergy, SCG and Builk will jointly develop a platform to increase work efficiency for the construction industry and enable ecosystem players to work together seamlessly, fostering the sustainable growth of the sector.
“We foresee that digital technology will be the thing that will drive the construction industry by leaps and bounds,” said Bunn Kasemsap, managing director of SCG Distribution Company Limited, SCG’s Cement Building Materials Business. “This collaboration will enable all sectors in the construction industry ecosystem to effectively connect and access construction products and services.”
Sam Tanskul, managing director at Krungsri Finnovate, stated that its participation in Builk’s Series B+ round will foster Krungsri’s expansion in the region and will support the development of strategic cooperation in banking services in the future.
As for BCH Ventures, it realised that Builk One Group can synergy with Benchachinda Group in the future and expects to see returns in the medium term within 3 years.
Prior to Series B, Builk raised capital from Thai corporate venture capital funds Moonshot Venture Capital and AddVentures by SCG.
Image credit: Kungsri
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