Advanced Web Analytics and Forecasting Tools Change Landscape for Home
Improvement Products; Delivering Affordable and Quality Products to
Consumers and Insights to Improve Manufacturing Efficiencies
VANCOUVER, Jan. 21, 2014 /PRNewswire/ - BuildDirect, a technology company reinventing how do-it-yourselfers to building
professionals search for, sample and purchase heavyweight home
improvement products, announced today that it has received CDN$30
million in financing. The Series B round is led by Mohr Davidow Ventures and supported by high profile Canadian investors including existing
investor, BDC Venture Capital.
This latest round of financing will be used to fuel the company's
growth, innovation and transformation of the US$492 billion building
product marketplace by supporting the continued evolution of
BuildDirect's proprietary technology platform, the expansion of
BuildDirect's extensive product offerings and the rapid growth of the
company's employee base.
"Despite its multi-billion dollar size, the home improvement product
supply chain is fragmented and inefficient. In the past several years,
BuildDirect has achieved phenomenal growth by effectively leveraging
sophisticated predictive analytics to address gaps and inefficiencies
in the home improvement products industry," said Katherine Barr,
General Partner, Mohr Davidow Ventures. "With this latest round of
funding, BuildDirect is well poised to fulfill its goal of transforming
the home improvement industry by leveraging its innovative data
analytics and technology platform."
Through an advanced technology platform plus analytic and forecasting
tools, BuildDirect creates a simple and service-oriented online
shopping experience where consumers enjoy savings of up to 80% for high
quality products supported with free samples, coordinated shipping for
goods that average 1500 lb and a 30-day satisfaction return guarantee
with free shipping. Suppliers around the globe are able to reach an
unlimited marketplace without sacrificing margins. BuildDirect also
identifies and shares with suppliers in real-time, how a product is
performing, forecasted trends and pinpoints production needs to help
improve manufacturing efficiencies.
"Since its inception, BuildDirect has been steadfastly working to change
the dynamics of the home improvement products industry," said Jeff
Booth, CEO, BuildDirect. "As a builder I experienced the pain,
complexity and lack of customer support when it came to finding high
quality products at an affordable price. With goods changing hands
multiple times from manufacturer to retail, these suppliers lose touch
with consumer demand, their product costs' increase at each turn, and
no one along the chain is willing to take responsibility for a missed
deadline or product quality issue. The consumer assumes the padded
costs and risks. This process does not make any sense."
By leveraging technology and combining BuildDirect's commitment of
putting the customer first, the company creates a new landscape for how
the home improvement market operates. Booth adds, "It was important for
us to find a partner who not only reflected our commitment to
completely re-inventing the home improvement industry, but our core
values which help to drive our ability to hire and retain the best
people. We feel that Mohr Davidow Ventures is the best true partner to
help attain our ambitious goals."
Barr will join the Board of Directors and add her technology leadership
and business vision to BuildDirect. Mohr Davidow Ventures invests in
early stage technology startups that redefine or create large new
markets, with notable investments such as 2013 IPO's Rocket Fuel
(NASDAQ:FUEL) and Rally Software (NYSE:RALY), in addition to Kabbage,
Coupa, Proofpoint (NYSE:PFPT), Shutterfly (NASDAQ:SFLY), Ticketfly,
and Visible Measures.
BuildDirect is a technology company reinventing how do-it-yourselfers to
building professionals search for, sample and purchase heavyweight home
improvement products. Through an advanced technology platform plus
analytic and forecasting tools, the company creates a simple and
service-oriented online shopping experience where consumers enjoy
savings of up to 80% for high quality goods, and offers real-time data
for supplier forecasting to improve manufacturing efficiencies.
BuildDirect is headquartered in Vancouver, BC with warehouses located
throughout North America. For more information, visit www.BuildDirect.com.
About Mohr Davidow Ventures
For 30 years the Mohr Davidow Ventures (MDV) team has invested in early
stage technology-based startups that redefine or create large new
markets. The Firm partners with exceptional entrepreneurs to build
companies where big data, applied analytics, and the reach and power of
the web/mobile cloud can be leveraged to drive emerging opportunities
in verticals ranging from social commerce to finance to online
marketing and consumer-driven healthcare. Leading companies funded by
MDV include: Agile (acq. NYSE:ORCL); Brocade (NASDAQ:BRCD); Coupa;
HealthTap; Hotchalk; Infusionsoft; Kabbage; Proofpoint (NYSE:PFPT);
Rally Software (NYSE:RALY); Rambus (NASDAQ:RMBS); Retention Science;
Rocket Fuel (NASDAQ:FUEL); Ruby Ribbon; Shutterfly (NASDAQ:SFLY);
Ticketfly; and Visible Measures. For more information, visit www.mdv.com.