Billd and Procore to transform how Subcontractors secure funding and manage projects
Billd, a leading provider of material financing for commercial subcontractors, today announced a partnership with Procore Technologies, Inc., a leading provider of construction management software.
This partnership aims to transform the construction industry by offering contractors a comprehensive solution to secure critical project financing, and to streamline project management and materials procurement.
“We are excited to partner with Procore, the most widely used and respected platform in the construction industry,” said Chris Doyle, CEO of Billd. “Supply chain finance in the construction industry is terribly broken and has been for decades. This partnership will further solidify the importance and reliability of Billd’s material finance solutions and enable us to help thousands more businesses succeed and grow.”
“We are honoured to team up with Billd to help further revolutionize the commercial construction marketplace,” said Nate Tockerman, Partner Manager at Procore. “This partnership allows Procore to offer additional cash flow and project financing solutions to our customers. Together with Billd, we look forward to delivering technology that enables a thriving and efficient construction marketplace.”
Billd has taken major strides in the construction industry to provide financing terms that align with payment cycles. Subcontractors and suppliers are typically the last to get paid, waiting on average over 85 days. A recent US market report from Billd that surveyed over 500 contractors found that 63% of contractors pay for materials before receiving payment for their work, while 74% of contractors have terms with their suppliers of 30 days or less.
“With Billd, we know we have the capital to start and complete jobs, and with Procore, we have a highly efficient project management process, the combination of which has been critical to the success and growth of our business,” said Jonathan Logan, CEO of Castle Black Construction. “The Billd/Procore partnership streamlines our processes and provides access to timely financing.”