Buildforce Secures $10M Series A for National Electrician Staffing
Funding aims to enhance technology and expand operations nationwide.
Buildforce, a Houston-based tech-enabled staffing company specializing in electricians, has raised $10 million in Series A funding. The investment round was led by Saepio Capital, with participation from Blue Heron Capital and several existing investors, including Revolution's Rise of the Rest Seed Fund, S3 Ventures, and Chicago Ventures.
The new capital will be allocated towards accelerating the company's national expansion and advancing its technology platform, which connects electricians with electrical contractors in the commercial and industrial sectors. Since its founding in 2019, Buildforce has facilitated over 2 million hours of work across 2,000 commercial construction projects.
Buildforce operates a dual-platform model: a mobile application for electricians to find work and a web application for contractors to manage electrician staffing. This approach aims to address the growing demand for skilled electricians, particularly as the U.S. faces a shortage driven by infrastructure investments and the energy transition.
CEO Moody Heard emphasized the significance of this funding, stating, "This financing is a major milestone in furthering our mission to help people dedicated to a career in the construction trades lead more secure and fulfilling lives." The company is poised to capitalize on the projected 9.5% annual growth rate of the electrical trade over the next decade, as reported by BlackRock.
Investors see Buildforce's technology as a solution to the labor market challenges. Jaan Bains from Saepio Capital noted the company's potential to make a lasting impact on the labor market through its innovative platform. Similarly, Nick Graziano of Blue Heron Capital highlighted the need for a specialized labor marketplace tailored to the electrical trade.
This funding round positions Buildforce to enhance its service offerings and expand its footprint in a crucial segment of the U.S. labor market. The announcement was made public through PR Newswire.
This is an independent summary of a press release originally distributed via PR Newswire. GAX Online was not paid for this coverage.
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