Vancouver-headquartered BuildDirect.com announced today a $16 million investment from OMERS Ventures, the venture capital investment arm of one of Canada's largest pension funds.
The company will use the investment to accelerate growth, expand its team and provide a more extensive product line for customers.
"BuildDirect is a next-generation building supplies company, using e-commerce to create what we see as the future of retail," Derek Smyth, managing director of OMERS Ventures. "Their advanced technology platform allows them to reduce complexities, provide the best prices and best quality materials to customers and offers unprecedented data access for supplier forecasting.
"We're attracted to the opportunity BuildDirect has created to capitalize on the untapped potential of the e-commerce market, as well as the future growth of both the building supply market and adjacent categories."
As a lifecycle investor with $55.1 billion in net assets, OMERS Ventures can be a long-term partner to its investee companies.
Having survived and grown through the downturn in the U.S. building and renovation market, BuildDirect leverages its data-driven platform to profit from an industry that has lagged in e-commerce adoption.
"It was extremely important for us to find an investment partner aligned with our company values," said Jeff Booth, president and CEO of BuildDirect. "We're a technology company that uses data to create long-term, win-win relationships that enable everyone in our ecosystem to succeed.
"With their experience as business operators, the principals at OMERS understand our strong commitment to building a world-class company and reinventing an industry that is ripe for disruption."
BuildDirect has seen its number of customers almost double in the last 12 months.
"The momentum we're seeing with new and repeat customers will carry us way past last year's performance," added Booth.
"The OMERS investment is going to help catapult us into a huge growth and expansion stage."
@JHarrisonBIV
