Buildstock, a B2B marketplace and fintech platform for construction materials, has raised $1.6M in pre-seed funding from notable investors, including Precursor, MGV, XFactor, RefashionD, and several visionary angels. This investment accelerates Buildstock’s mission to transform the construction materials industry through its platform that enhances the sales and procurement process, promising substantial savings in time and money.

In 2022, the construction materials industry, valued at $1.4 trillion, faced over $208B in losses due to late payments, a 53% increase from the previous year. Buildstock addresses this challenge by offering unprecedented procurement efficiency. Its features include AI-driven product discovery, cost savings up to 40% on materials, and 5x faster lead times, enhancing transparency and planning efficiency for builders. A notable feature is the AI-powered blueprint analysis, which generates a required supplies list, further streamlining procurement.

Jim Barrett, Chief Innovation Officer at Turner Construction, highlights Buildstock’s role in pioneering a digital shift in construction procurement. He emphasizes the need for innovative solutions like Buildstock to revolutionize material sourcing and bring transparency into project management.

For suppliers, Buildstock offers a significant improvement in payment processes, reducing the standard waiting period of 90 to 120 days to just 5 days post-delivery. This innovation in cash flow is a game-changer for suppliers, enhancing their economics and manufacturing capacities.

Kathryn Thiele AIA, Founder and CEO of Buildstock, stresses the platform’s focus on efficiency, cost-effectiveness, and transparency, asserting that Buildstock represents a new wave of technology-driven transformation in the construction industry.

Buildstock has seen rapid growth in the New York tri-state area and is set to expand across the United States. As a certified minority & women-owned business, it aligns with New York’s commitment to allocate significant contracts to M/WBE enterprises. Major builders like AECOM/Tishman and Turner Construction are setting goals to increase contracts with M/WBE businesses, positioning Buildstock favorably in the market.

Charles Hudson, Founder & Managing Partner at Precursor Ventures, acknowledges the potential of digital innovation in construction, praising Buildstock for bringing efficiency and value to the industry.

Buildstock offers a centralized marketplace for construction companies and suppliers, streamlining procurement and providing benefits like increased visibility, better payment terms, and efficient order management for suppliers, while builders save time and money on materials procurement.

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