PropTech startup Builk One Group raises an undisclosed sum in series B+ round, aims for IPO in 2022

Bangkok-based construction tech firm Builk One Group has recently secured  undisclosed funding in a series B+ round from strategic investors including Krungsri Finnovate, corporate VC arm of the Krungsri Group; Thai telecommunication giant Benchachina Group’s subsidiary BCH Ventures, and infrastructure company, SCG.

This new funding has been received by the Thai construction firm just after five months of securing the first tranche of series B round from the venture arm of Kasikorn Bank, Beacon VC, and three other investors whose names have not been disclosed.

Builk One Group plans to use the fresh funding to strengthen its Software-as-a-Service (SaaS) offerings in the real estate and construction industry. Builk also plans to use the capital to expand its solutions on a secured cloud infrastructure to meet future requirements.

According to a statement released by the Krungsri Group, the Thai PropTech startup is aiming for an IPO in 2022.

Founded in 2005, the startup helps companies in the country and the ASEAN region leverage digital tools related to the construction sector. Builk helps companies to digitalize their construction projects with their range of SaaS offerings that include online construction material trading platforms, and business management services.

The startup has also developed a technology to enhance operational efficiency and reduce errors on construction sites.

Early this year Builk One Group had shared its plan to strengthen its financial services and technology to enhance local firms’ construction material management process and push digitalization in the industry.

According to the company, they have on-boarded 40,000 businesses to date on its ecommerce unit and claims that it witnesses a growth rate even though the industry has been affected by the ongoing pandemic.

Under this new partnership, Builk and SCG will together develop a platform to spread out work effectively to allow ecosystem players to seamlessly work together thus nurturing the sustainable development of the construction space, and also for the development business.

According to the managing director of SCG Distribution Firm Restricted, Bunn Kasemap, “We foresee that digital expertise would be the factor that may drive the development business by leaps and bounds”

The Managing Director of Krungsri Finnovate, Sam Tanskul acknowledged that its participation in the funding round will foster the growth of the group within the area and will help the development of banking services in the future.

BCH Ventures believes that the   Benchachinda Group can synergy with  Builk One Group in the future and expects to witness returns within three years.

Before Series B funding round Builk One Group had raised funding from Moonshot Enterprise Capital that is Thai corporate venture capital fund, and SCG’s AddVentures.

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