At a time where many startups are struggling to raise funding, or are raising – but at lower valuations, it’s notable when companies raise at flat or higher valuations. Especially when their last raise took place in 2021 – a time when capital was much easier to come by and valuations were climbing at crazy rates.
Key Takeaway
Briq, a startup specializing in AI-powered automation of financial workflows in the construction industry, has raised $8 million in an extension round at a
50 million valuation. The company has shown significant growth in annual recurring revenue and aims to expand into new geographies.
Briq’s Funding and Valuation
Briq, a platform designed to automate financial workflows in the construction industry, has raised $8 million in an extension round at a $150 million valuation. This comes after the company’s $30 million Series B financing in June 2021 led by Tiger Global Management.
Investors and Financial Performance
Tiger Global, MetaProp, Blackhorn, Eniac, and Nemetschek have contributed to this extension round. Briq has reported a 40% growth in annual recurring revenue in 2023 compared to 2022, with a 45% decrease in employees to 138 by the end of 2023.
AI-Powered Automation
Founded in 2018, Briq uses AI to automate financial workflows specific to the construction space. The company’s offerings include Briq AutoPilot and Briq CoPilot, which use generative automation bots to automate business processes and financial forecasting.
Expansion Plans
While currently focused on North America, Briq has plans to expand into new geographies, particularly in the Middle East, Asia, and non-English emerging markets in Europe. The company is also looking forward to introducing conversational AI for financial transactions in 2024.
