The funds to be used to provide real-time construction analytics
A proptech start-up in Cyprus called buildbuild, which develops software for managing construction projects and increasing their marginality in the SMB sector, has raised €1.1 million in investments from the Luxembourg-based company Lvl Group SARL. The funds will be used to accelerate product development, marketing, and scaling efforts and the A round is planned for the fall of 2024.
The company is working on a platform that enables SMB construction companies that engage in everything from apartment repairs and construction of single-family homes to general contracts in residential, commercial and road construction to compete with major industry players. The software helps increase profits, providing online information about construction and budget in real-time, without the need to maintain a large back office.
Says Marko Mihić Jeftić, CEO of buildbuild, “Construction is one of this century’s main themes. The UN forecasts that by the end of the century, the world’s population will reach 11-12 billion. Statistics tell us that the richer the country, the more residential square metres per person it has. Over the next hundred years, we will have to build as much as we have done throughout our history. It is a great challenge.”
Looking back at the time when he studied architecture at the university, Jeftić says he was inspired by the tech entrepreneurs who were changing the world. He began to think about things he could do to make the process of home construction better. “In the process of studying construction, I saw one of the sector’s main problems on full display: we are talking about organising actual work at the construction site. It hasn’t changed much since the Egyptians built their pyramids and remains ineffective. I decided to change this situation by giving each participant in the construction process a convenient instrument with equitable access to information so that everyone knows clearly what must be done.”
Jeftić went to found buildbuild in 2021 after working at a construction start-up of a major European real estate developer as an in-house founder. The company’s flagship product, a web app for project management, enables users to create cost sheets, track work execution, payments, and cash flow gaps. There is also a mobile app for contractors, which they can use to study the quality criteria and cost of work, issue invoices, and track payments.
