Bangkok-based construction startup Builk has secured an undisclosed sum of fresh capital from AddVentures, the venture arm of construction conglomerate Siam Cement Group, it said in an announcement on Monday.
The investment will see AddVentures becoming a strategic partner with Builk to ride on the global digitisation trend, said the startup.
SCG will support Builk to scale up and strengthen its marketing, distribution, logistics and supply chain through its dealer networks and international presence. The startup will also be developing a business-to-business purchasing-buying process to enhance Thailand’s construction industry and expand the product to all ASEAN countries.
Builk co-founder and CEO Patai Padungtin said, obsolete and low technology have caused inefficiency and risk to the construction supply chain comprising of developers, contractors, sub-contractors, suppliers and manufacturers as they have insufficient information to support their decision making.
“Essentially, Builk’s aim is to solve the industry pain point by bringing its technology to help the construction supply chain,” he said.
Builk was founded in 2009, focusing in providing management software for construction business in Thailand. It claims to have served over 25,000 small and medium-sized contractors across Thailand, Indonesia, Laos, Myanmar, and Cambodia.
Launched in mid-2017, AddVentures by SCG was set up to invest in startups, primarily in industrial, B2B, and enterprise, to help the conglomerate in adopting new innovation, subsequently boosting its competitiveness and product offerings.