Huge news this morning from one of the recent additions to our portfolio: BuildDirect announced that it has raised $30 million, led by Menlo Park-based Mohr Davidow Ventures. Recall we made a $5 million investment (Click Here for DCF Press Release) in November of this past year. It’s obviously validating to see such a large raise so soon after our investment.
By our count, this makes BuildDirect the third-largest (behind HootSuite and Shopify) Canadian private technology financing (excl. cleantech) of the past year. This hasn’t gone unnoticed by the media – within a few hours of the release numerous sites including the Globe and Mail, the Wall Street Journal and Forbes ran articles highlighting the raise (Click Here for Forbes Article)
We’re pleased to be a part of a story that boosts the exposure of our homegrown companies abroad and are confident that this is just the start of a major flow of international funds into our growing technology industry. Co-founders Jeff Booth and Robert Banks are no doubt proud of their team. Their persistence through both a dot-com crash and a housing meltdown has been rewarded.
While this company has flown relatively under the radar to date, we don’t expect this to continue for much longer. Annual revenue doubling, a potential IPO in the not-too-distant future and this recent financing from numerous well-known and respected tech investors should make sure of that.
Tom Liston, Managing Partner, Difference Capital