How Subcontractors Secure Funding and Manage Projects is About to Change
Billd, the leading provider of material financing for commercial subcontractors, announced a partnership with Procore Technologies, Inc., a leading provider of construction management software. The partnership aims to transform the construction industry by offering contractors a comprehensive solution to secure critical project financing while streamlining project management and materials procurement.
“We are excited to partner with Procore, the most widely used and respected platform in the construction industry,” said Chris Doyle, CEO of Billd. “Supply chain finance in the construction industry is terribly broken and has been for decades. This partnership will further solidify the importance and reliability of Billd’s material finance solutions and enable us to help thousands more businesses succeed and grow.”
Nate Tockerman, Partner Manager at Procore said, “We are honored to team up with Billd to help further revolutionize the commercial construction marketplace, This partnership allows Procore to offer additional cash flow and project financing solutions to our customers. Together with Billd, we look forward to delivering technology that enables a thriving and efficient construction marketplace.”
Billd has taken major strides in the construction industry to provide financing terms that align with payment cycles. Subcontractors and suppliers are typically the last to get paid, waiting on average over 85 days. A recent US market report from Billd that surveyed over 500 contractors found that 63% of contractors pay for materials before receiving payment for their work, while 74% of contractors have terms with their suppliers of 30 days or less.
“With Billd, we know we have the capital to start and complete jobs, and with Procore, we have a highly efficient project management process, the combination of which has been critical to the success and growth of our business,” said Jonathan Logan, CEO of Castle Black Construction. “The Billd/Procore partnership streamlines our processes and provides access to timely financing.”
Billd was started by Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance. Chris and Jesse were inspired to launch Billd to bring the financial power of Wall Street to the construction jobsite, allowing contractors to bypass project hurdles with access to upfront funds while enabling suppliers to sell more materials with less risk. For contractors who usually aren’t paid until more than 90 days from purchasing materials, Billd provides 120-day terms so they can stabilize cash flow and more effectively grow their businesses. With a deep understanding of the construction industry, Billd knows traditional credit metrics are poor predictors for risk in this vertical segment and has built a variety of industry-specific proprietary analytic tools to better assess risk in the construction industry.
About Procore. Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s App Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.