The Kitchener, Ont.-based construction-tech company’s new funds are an extension of existing growth-capital financing from the CIBC’s tech financing arm. Bridgit previously received $1.5 million in debt financing from the bank in August 2019. (The Logic)
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The Kitchener, Ont.-based construction-tech company’s new funds are an extension of existing growth-capital financing from the CIBC’s tech financing arm. Bridgit previously received $1.5 million in debt financing from the bank in August 2019. (The Logic)
Talking Point: Founded in 2014, Bridgit provides workforce planning software with data that contractors can use to bid on and staff projects. The firm has not been immune to the challenging economic environment that has resulted in waves of tech layoffs. Bridgit laid off 13 per cent of its staff, or 13 employees, last year, the Waterloo Region Record reported. The cuts came about a year after Bridgit raised $24 million in Series B financing. To date, the company has raised over US$35 million in equity financing, with backers including BDC’s Women in Technology fund, Salesforce Ventures and StandUp Ventures. Bridgit did not respond to The Logic’s request for comment on its plans for its latest capital from CIBC Innovation Banking.
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