Builk One Group, a Bangkok-based construction-tech firm, has raised an undisclosed amount in a Series B extension round from investors including SCG, Krungsri Group’s corporate venture capital arm Krungsri Finnovate, and BCH Ventures, a subsidiary of Thai telecommunications behemoth Benchachinda Group.
This fresh investment comes five months after Beacon VC, Kasikorn Bank’s venture arm, and three other unidentified strategic investors contributed the first tranche of the Series B financing.
Builk One Group intends to use funds to expand its construction and real estate SaaS solutions. The money will also be utilized to extend the company’s products on a secure cloud architecture in order to fulfill future job demands.
Builk One Group plans to go public next year, according to a statement from Krungsri Bank.
Builk One Group, which was founded in 2005, has used its more than 16 years of expertise in building construction management software to develop new business models in the construction sector. The company uses a variety of SaaS products, such as business management services and online building material trade platforms, to enable firms in Thailand and ASEAN to digitalize their construction projects.
In order to improve operational efficiency and decrease mistakes, the business has also created technologies for building sites.
Builk said in March that it will double down on its technology and financial services in order to improve local firms’ construction material management processes and drive the sector into the digital era.
Builk claims to have a customer base of over 40,000 firms in ASEAN, and it claims to be growing despite the industry’s impact from the COVID-19 epidemic.
SCG and Builk will collaborate to build a platform to improve construction industry work efficiency and enable ecosystem stakeholders to collaborate smoothly, promoting the sector’s long-term growth.
“We foresee that digital technology will be the thing that will drive the construction industry by leaps and bounds,” said Bunn Kasemsap, managing director of SCG Distribution Company Limited, SCG’s Cement Building Materials Business. “This collaboration will enable all sectors in the construction industry ecosystem to effectively connect and access construction products and services.”
Krungsri Finnovate’s managing director, Sam Tanskul, indicated that the company’s involvement in Builk’s Series B+ round will help the company expand in the area and assist the future growth of strategic financial services collaboration.
BCH Ventures, on the other hand, realized that Builk One Group and Benchachinda Group can synergize in the future and expects to see profits in the medium term within three years.
Builk received funding from Thai corporate venture capital funds Moonshot Venture Capital and AddVentures by SCG prior to the Series B round.