Material Bank, the leading architecture and design materials platform, has announced that it raised $175 million in Series D funding. The round was led by Brookfield Technology Partners and included participation from existing investors like L Catterton, Insight Partners, and Luxe Ventures.
This significant income will fuel the company’s future growth and expansion. This article will discuss the details of the Series D raise and the reasons behind its success.
Overview of Material Bank
Material Bank is a Silicon Valley-based technology company that simplifies and streamlines the sourcing and specifications of building materials. The company was founded in 2016 and has since become a major player in architecture, engineering, and construction (AEC). Their client base comprises architects, designers, and contractors across North America.
Material Bank provides users with a digital library of more than 100 million products from over 5,000 brands, making finding the right materials for any project easier. It also includes a suite of tools designed to reduce the time required for construction projects by allowing users instant access to product information whenever they need it.
In 2020, Material Bank announced a $175M Series D raise led by Brookfield Growth Partners (BGP). This brings their total funding to $315M and will be used to continue investing in product development and expanding their global footprint. With this funding round completed, Material Bank is well-positioned to serve the AEC sector even better in the years ahead.
Summary of the Series D raise
Material Bank recently announced the completion of their $175M Series D raise led by Brookfield Growth Equity with participation from returning investors CBRE, Meridiam, Blancco Technology Group, Estée Lauder Companies and RTP. The new funds will support Material Bank’s proptech platform expansion, allowing customers to select and receive materials within 24 hours.
Material Bank’s technology provides an improved online experience that reduces time to specification for architects and designers. The platform also offers a streamlined procurement process for manufacturers that helps eliminate labor-intensive steps. In addition, the new assets will be used for marketing, product development and continuing scaling efforts to meet industry standards.
Looking forward, Material Bank plans to use the investment capital to develop even more sophisticated applications for architects, designers, manufacturers and contractors across the globe. This timely influx of funds further advances Material Bank’s mission of digitizing the Built World ecosystem and empowering those who help create it.
Who is Behind the Series D Raise?
On April 7th, 2021, Material Bank, the world’s leading digital building materials platform, announced a $175 million Series D funding round led by Brookfield Technology Partners, including participation from CIT, Innovation ENDeavors, and a group of leading private investors.
The massive investment round cements the company’s global expansion plans and underscores the continued strength of the digital building materials industry.
Let’s look closer at who is behind the massive Series D raise.
Brookfield Leads the Round
Material Bank, a Supply Chain software company, recently announced that it completed a $175 million Series D raise led by Brookfield Growth. The New York-based start-up already had strategic investments from Amazon and Baires Ventures.
Brookfield is one of the world’s leading asset management firms focusing on real estate, infrastructure, renewable energy and private equity. In the latest round of funding, the firm invested an undisclosed amount to expand its involvement in the capital markets.
The financing will go toward scaling up Material Bank’s technology and expanding engineering resources, customer support, and go-to-market teams. Additionally, this investment will help accelerate new customer features and increase focus on international expansion.
This marks Brookfield’s third venture capital involvement in 2020 and is expected to add further fuel to Software-as-a-Service (SaaS) companies looking at long term growth strategies while leveraging current opportunities before they fade away due to market pressure or natural cycles shift.
Other Investors Involved
Material Bank, a technology company improving access and efficiency in the design industry, announced its $175 million Series D raise led by Brookfield Asset Management. In addition, Manhattan Venture Partners, UBS O’Connor, UniRush Venture Capital and Tasamel Technology Group are joining the round.
This funding will enable Material Bank to continue developing its marketplace platform featuring an expansive network of design material suppliers and its next-level software suite for commercial interior projects. With this round of funding, Material Bank’s total fundraising surpasses $225 million. Previously-announced investors included Tribeca Innovation Partners and Pine Brook Capital.
Material Bank’s promise to provide convenient access to the best product samples – without lower purchasing power hindering their budgets – proves that they understand the pain points in this process better than any other company on the market. With plans for product expansion, strategic partnerships and global market expansion underway, Material Bank is positioned to be an integral part of the future of interior design.
What is the Money Being Used For?
Material Bank, an AI-driven building materials marketplace, has recently announced a $175M Series D raise, led by Brookfield. Since the company’s 2018 launch, this brings the total investments to more than $300M.
This latest round of investments will help the company accelerate its growth and expansion. In this article, we’ll take a closer look at what the money will be used for.
Material Bank Announces $175M Series D Raise Led by Brookfield
Material Bank, an innovative technology-driven ecommerce platform, announced the closure of its $175 million Series D raise. This brings the total amount of capital raised by Material Bank since inception to over $200 million. The Series D funding was led by Brookfield and includes new investors Telstra Ventures, MizMaa Ventures and Touchdown Ventures, and participation from existing investors General Catalyst, Fortive Corporation and Design Capital.
This additional capital will accelerate the expansion of their platform technology capabilities and deepen product development for the company’s new customer offerings. It will also expand customer usage behavior visibility across regions and product lines. In 2020 alone, Material Bank has added over 1250 new products to their warehouse platform from several global vendors including leading brands like Blanco Professional Kitchens, Caesarstone, Shaw Floors, GE Appliances and Kohler Pro FX Kitchen & Bath Studio. This expansion has enabled them to better serve industrial consumers in more than 20 countries worldwide.
Expansion of Team
Material Bank, founded in 2018 by Daniel Miller, is a revolutionary tech platform that enables designers and architects to streamline their product sourcing processes. The company recently closed its Series D financing round, raising $175 million. This investment was led by Brookfield Growth Partners and included participation from existing investors Coastal Venture Capital and Founders Fund.
The proceeds of the Series D raise will enable further expansion to Material Bank’s team and technology as the company continues to shape the future of building materials procurement. The new funds will also support go-to-market strategies that drive growth and operational efficiency throughout North America.
Material Bank plans to further develop its algorithms, software development tools, artificial intelligence capabilities, user experience architecture capabilities and other core engineering teams with the additional resources generated by its latest fundraising accomplishment. The team is already working hard on their next stages of product innovation for materials selection, sample processing automation features and virtual reality integration.
What Does This Mean for the Future of Material Bank?
Material Bank recently announced a $175M Series D raise led by Brookfield. This fresh funding round follows the company’s Series C raise of $200M in April of this year.
This large investment into the company presents a positive outlook for the future. In this article, we will focus on what this Series D raise could mean for the future of Material Bank.
Increased Reach and Accessibility
Material Bank’s recent Series D raise of $175 million, led by Brookfield, will provide the company with strategic resources to accelerate growth and expand its reach on a global scale. Our main priority remains providing unmatched convenience and accessibility to leading design materials for our extensive network of over 70,000 contractors, architects, designers and other professionals in 29 countries.
The additional capital will allow us to continue investing in the most advanced technologies that create an intuitive user experience for our customers. We are also deepening relationships with new and existing vendors so our customers have exclusive access to the world’s best materials from large-scale distributors and emerging brands.
Material Bank is dedicated to leading the industry towards a more efficient future through streamlined supplier engineering collaboration efforts and evolving technology solutions that think ahead methodologies. Our team is energized by amplifying access to premier products with added efficiency knowledge to enrich each user’s experience while transitioning into true digitalization. We believe this significant raise will allow us to expand our global network, better connect people with material choices quickly and effectively, innovate through strategic partnerships and ultimately unlock designer potential worldwide for years ahead.
Improved Platform Technology
Material Bank’s success in securing a $175M Series D round of funding means the company is well-positioned to capitalize on its growth and strengthen the core technology behind its platform. The investment comes from two prior rounds that brought $75M and $65M into the company. This new injection of capital should help accelerate the ongoing developments of their platform, so that Material Bank can respond to changing needs faster and become even more competitive in its industry.
To ensure that their platform remains agile and user-friendly, Material Bank plans to tap into this new funding stream by investing it in further R&D into Artificial Intelligence (AI), machine learning (ML), automation, natural language processing (NLP) and other cutting-edge technologies tailored for their unique matching algorithm. This process will undoubtedly involve hiring additional engineers and data scientists working alongside their impressive team.
Ultimately, Material Bank aims to deliver an ever more intuitive user experience for its current clients and potential new ones by fusing these advanced technologies with existing features like instant sample delivery or predictive search capabilities that can match patterns faster than ever. Through these improvements, they seek to establish a sturdy foundation to expand their reach globally while maintaining an overall superior quality of service across all software layers.
Conclusion
Material Bank’s recent Series D raise led by Brookfield is a major milestone for the company. In addition, it marks a major financial and company milestone towards becoming a global, technology-led business.
This raise will help the company grow and scale its global reach, solidifying its position in the market and becoming the leader in digital construction procurement.
This article will look at the key takeaways from this raise and analyze its impact on the company and the industry.
Summary of Material Bank’s Series D Raise
Material Bank, a revolutionising online procurement platform, has announced that it has raised $175M in a Series D funding round led by Brookfield Asset Management. This follows their $130M Series C in 2019 that SoftBank Group led. The company plans to use the funds to strengthen its product suite, support global expansion and fuel research & development projects.
The Series D raise saw participation from some of the industry’s top venture capital funds, including KKR and Flux Group, and strategic investors such as Equinox and Sidewalk Infrastructure Partners. As a result, material Bank has seen more than $350M in total funding since its foundation and is now well-positioned to become the leader in online procurement technologies.
Material Bank is also looking beyond monetary investments for this round of funding; Brookfield will assist with developing more sales and marketing channels for their products as well as gaining access to cost efficient materials that span across a variety of industries including construction, automotive, furniture manufacturing & retail supply chain industries.
Ultimately this new round of financing positions Material Bank perfectly to help alleviate the challenges facing builders and suppliers alike through their fixed-cost eCommerce approach which integrates multiple vendors into one easy-to-reach marketplace— something traditional methods have desperately lacked until now. With an experienced venture capital partner taking them along this journey, there’s no limit to what Material Bank can do in the future!
Impact of the Round on the Future of Material Bank
The $175 million Series D raise for Material Bank, led by Brookfield Ventures and including investors Orix Ventures, Qualcomm Ventures, and Alphabet’s CapitalG, was a major win for the company. Following a reported $100 million Series C round in December of 2020, this latest investment puts its cumulative funding at nearly $400 million from such notable names as Bain Capital Ventures, Ram Shriram’s Sherpa Capital, Tapas Capital and Access Industries.
The round is expected to not only help fund ongoing growth and market expansion of Material Bank’s Ai-driven construction materials platform but also to drive technical development across its four key areas:
- Expanding the accessibility of construction materials.
- Accelerating the speed of job completion through faster shipping times.
- Improving transparency by making it easier to compare prices across providers.
- Providing an enhanced user experience.
Given the immense power and potential this new round provides Material Bank it looks set to revolutionize how construction projects are managed with increasingly intelligent technologies playing an ever more integral role. For now at least we can expect that in the future almost all aspects of project procurement will be automated allowing architects and builders to have unprecedented access to resources.
Tech expert fresh from the Australian Coast. Been in the tech industry more than 9 years, as part of a Business Growth Group. His out of office days are 100% for freestyle surfing and waves chasing.
