Canadian building materials e-commerce company BuildDirect recently announced that they had successfully raised $4 million in funds from BDC IT Venture Fund. This latest raise represents the second round of funding for the company this year after it successfully closed a $16 million round from Omers Ventures earlier in the year. The Vancouver based company now has a total of $20 million in venture capital funding at its disposal.
BuildDirect has been around for quite some time, having commenced in 1999. This represents a long time presence in the technology startup sector but the company has only recently picked up speed, with BuildDirect forecasting 70% growth in revenue for 2012 and a blistering 100% growth in 2013.
Jeff Booth, CEO of the Canadian ecommerce company, stated that, “In North America alone, the size of the building products market exceeds $492 billion. Having solved the e-commerce issues associated with bringing heavy building materials to your door in an industry that was previously fragmented, BuildDirect has experienced record growth month over month in metrics such as website traffic, sales and customer requests for samples, which is a key leading indicator for purchase.”
BuildDirect’s recent success places it at the top tier of technology companies in Canada. The $20.6 million cash injection received by the firm makes it easily one of the year’s most-funded Canadian technology firms.
According to the company it has yet to peak and the millions of visitors every year are just the beginning of their growth. Booth claims that, “We’re not looking to be acquired at the $30 million dollar sweet-spot that’s been the trend in the Canadian technology industry. Our goal at BuildDirect is to become a billion dollar company in the short term. All signs are indicating this is a real possibility for us. We see ourselves on the Fortune 500 list of companies in the next decade.”
Source: TechVibes
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