‘It’s going to be millions’ – BuildDirect launches new platform, boosts product offerings

Home Marketplace launches Wednesday
BuildDirect CEO Jeff Booth

After raising $50 million in venture capital in December 2014, BuildDirect CEO Jeff Booth was determined to rapidly expand funding for new technology at his Vancouver tech firm.

More than a year later, Home Marketplace launched Wednesday (February 10) and Booth said the potential for the community-based technology platform is enormous.

BuildDirect – the so-called Amazon (Nasdaq:AMZN) of home-building products – will allow third parties to access the new platform to directly connect buyers to suppliers and manufacturers.

Meanwhile, its technology is offering data to help users to pinpoint where demand is coming from for products. This in turn cuts down costs and removes headaches in the supply chain, according to Booth.

While many of the products are shipped directly manufacturers to customers, BuildDirect also has a network of eight warehouses throughout North America from which it also ships items.

And Booth said BuildDirect has increased its number of available products from 6,000 to 8,600 since September.

“In the next year and years, it’s going to be millions,” he said.

“What’s that telling us is both suppliers and customers are desperate for a more fair, more simple marketplace.”

Since its founding in 1999, BuildDirect has raised $110 million in financing to bring its valuation to $500 million.

Its workforce has nearly doubled over the past two years, growing from 175 workers in January 2014 to its present headcount of more than 300. After the company raised $30 million in January 2014, Booth said the plan was to eventually grow the roster to nearly 500.

torton@biv.com

@reporton

comments powered by Disqus

More from Technology

South Korea eyes artificial intelligence partners in B.C.

Country’s AI industry looks to Canada in quest for alliances and global market share

Read Article

AI poised to eliminate some financial sector jobs, boost others, experts say

Investment key to keeping Vancouver in artificial intelligence game

Read Article

B.C.’s most profitable adopting artificial intelligence

Video surveillance firm among businesses supplementing human workforce with AI

Read Article

Traditional investors embracing blockchain technology

Cryptocurrencies might be in a bubble, but underlying technology is a game-changer

Read Article

Subscribe to our mailing lists

You may withdraw your consent at any time.

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
Business in Vancouver Media Group
303 West 5th Avenue, Vancouver, British Columbia
V5Y 1J6 · Canada
604-688-2398
×