Vancouver-based building products e-commerce company BuildDirect announced October 25 that it had closed $4 million in secondary investment from BDC IT Venture Fund. The cash infusion brings the total amount that the fund has invested to $20.6 million.
The company is growing quickly and has lots of cash in the treasury so some are speculating that it may use some of the proceeds of this round to give some early investors, such as angels and seed investors, some liquidity.
The company announced last month that traffic to BuildDirect.com surpassed the 700,000 mark in August. That's the most visitors that it has ever had in a month and it capped off a record-breaking month and a year in which revenue grew 65%.
"In North America alone, the size of the building products market exceeds $492 billion," said founder and CEO Jeff Booth.
"Having solved the e-commerce issues associated with bringing heavy building materials to your door in an industry that was previously fragmented, BuildDirect has experienced record growth month over month in metrics such as website traffic, sales and customer requests for samples, which is a key leading indicator for purchase."
