Canibuild, a construction Software-as-a-Service (SaaS) platform based in Australia, has successfully raised AUD8 million in a Series A funding round led by EVP, with participation from Regal Funds Management. The new capital injection will support the company’s growth in Australia, New Zealand, and the US, as well as its entry into new markets.
The company has experienced significant growth in the last year, with its team expanding to over 50 employees, and its revenue increasing by 20% month-on-month. Canibuild was established in 2020 by Timothy Cocaro, Deepankur Malhotra, Shuvajeet Nag, and Stella Cocaro. The platform provides builders with a simple and fast way to evaluate a site’s suitability for construction in real-time, including the construction of pools, houses, sheds, and granny flats.
Canibuild employs a Geographic Information System (GIS) and Artificial Intelligence (AI) to create a comprehensive planning and design tool. The platform enables building sales teams to guide customers through the design, viability, and compliance processes visually, facilitating informed decision-making. Almost 3,000 users across Australia, New Zealand, and the United States rely on canibuild daily, including major clients such as Metricon, GJ Gardner, McDonald Jones, Narellan Pools, Ranbuild, SnapADU, and Mightybuildings.
The investment is timely for canibuild, coinciding with a recent report by McKinsey, which highlighted that businesses, including the construction industry, have advanced ten years ahead in just twelve months due to the impacts of COVID. Furthermore, a global building boom is occurring, with more than 100,000 homes built in Australia every year.
The residential construction industry has been slow to adopt technology due to its hands-on nature. However, purpose-built technology like canibuild is changing that. According to Timothy Cocaro, Founder and CEO of canibuild, the platform’s flexibility and broad application make it suitable for the entire house and land packaging market. This includes developers who seek an easier method of sale and individuals who want to conduct their own research.
Cocaro has over 20 years of experience in the construction industry, and he understands the challenges faced during construction. He believes that many of these challenges can be traced back to how a residence was first sold, the mismanagement of planning, and the misalignment of client and builder expectations. To solve these problems, Cocaro and his team built canibuild with the goal of making life easier for everyone involved in the building process.
Canibuild helps builders and their clients to instantly understand what can be done on a block of land. Instead of relying on physical site visits, drafting, surveying, estimating, and a complex series of high-friction steps, users can complete transactions in a digital environment. This increased transparency dramatically reduces sales cycles and planning timelines, which have historically been significant burdens on builders and their clients.
Users can see the project site virtually and contract instantly, without going back and forth for weeks. This streamlined process saves time and reduces stress for everyone involved in the building process. Canibuild is a game-changer for the residential construction industry, and its purpose-built technology is making a positive impact by helping builders and their clients operate smarter in a market that’s under increasing pressure on margins.
The canibuild platform has already gained strong support in Australia, counting G.J. Gardener Homes, the country’s largest home builder, as a client. According to Simon Curtis, Chief Operating Officer for NSW/ACT/WA, the platform has already been successfully integrated into the company’s sales process, with their New Homes Consultants fully embracing its use. Curtis said, “We are excited by the development of this type of technology for our industry.”
Daniel Szekely, a Partner at EVP and a new board member for canibuild, stated that planning in the construction industry is a cumbersome and problematic process for both builders and customers. Previous attempts to solve this issue have been unsuccessful, but canibuild’s platform places the customer at the center of the experience, allowing all stakeholders, including designers, salespersons, and clients, to have a clear vision of what is possible. Szekely described canibuild as “one of those rare opportunities where the demand for the solution is self-evident.”
Ben McCallum, Portfolio Manager at Regal Funds Management, also praised the platform, stating that it streamlines the often lengthy and iterative sales process that is prevalent in the construction industry. By automating multiple steps in the customer journey and eliminating bottlenecks, canibuild’s digital sales experience has received overwhelmingly positive feedback from builders.
