Briq, a Santa Barbara, CA-based startup that uses AI to automate finances in construction, has raised $8 million in an extension round at a $150 million valuation.
SaaS Investors
Tiger Global Management, which led the initial series B round, also contributed to the funding extension.
Founded in 2001, Tiger Global Management is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries.
Briq Use of Funds
The company will use the funds for further development and expansion, with Briq planning to enter new geographies in the coming years, focusing on the Middle East and Asia.
About Briq
Founded in 2018 by Bassem Hamdy and Ron Goldshmidt, Briq is a financial automation platform driven by artificial intelligence. Briq automates financial workflows by connecting the people, processes, and systems that contractors use to run their business. The company uses a group of proprietary technologies, including generative automation bots, to automate tasks in financial workflows specific to construction. Currently, Briq serves close to 400 customers.
Funding Details
Company: Briq Technologies, Inc.
Raised: $8.0M
Round: Series B Extension
Funding Month: January 2024
Lead Investors: Tiger Global Management
Additional Investors:
Company Website: https://briq.com/
Software Category: Financial
Source: https://techcrunch.com/2024/01/18/briq-a-startup-that-uses-ai-to-automate-finances-in-construction-raises-8m-extension-at-a-150m-valuation/