Contact Information

160 Robinson Rd, #14-04
Sit Rd, SBF Center, Singapore 068914

In a climate where startups are grappling with fundraising challenges and often securing lower valuations, Briq’s recent success stands out. The company, known for developing a platform that enables automation of financial workflows across the entirety of a construction company, has secured an $8M extension round at a flat valuation of $150M.

  • Previous Funding: This fundraising win comes on the heels of their last funding round in June 2021, a $30M Series B financed by Tiger Global Management.
  • Funding Details: Opting to “wait out the market”, Briq chose a smaller funding amount with less dilution at a flat valuation, as opposed to raising a Series C round, according to CEO and co-founder Bassem Hamdy.
  • Investor Line Up: Major investors in this successful extension include Tiger Global, MetaProp (whose managing partner Aaron Block will be joining Briq’s board), Blackhorn, Eniac, and Germany’s multi-billion-dollar firm Nemetschek.
  • Achievements and Outlook: With nearly 400 customers, Briq reported a 40% increase in ARR (annual recurring revenue) in 2023 compared to 2022. The company has also executed a cost-reduction strategy, resulting in a 45% decrease in the number of employees to 138 by the end of 2023. Briq’s clients include Choate Construction, Catamount Constructors, Fessler & Bowman, and Elder Construction.

Briq’s success story is a testament to the company’s innovative approach and strategic financial decisions, making it a noteworthy figure in the current startup landscape.

client banner image

Leave a Reply

Your email address will not be published. Required fields are marked *