Swedish tech company BIMobject has secured 23.4 million euros in funding. The investor was EQT Ventures. In addition to the funding, Hjalmar Winbladh, a partner and head of the EQT Ventures advisory team at EQT Partners, will join BIMobject’s board.
Today, the EQT Ventures fund (“EQT Ventures”) announced its €23.4m investment in BIMobject AB, a Swedish technology company with a global presence operating at the forefront of digitising the building industry. Hjalmar Winbladh, Partner and Head of the EQT Ventures advisory team at EQT Partners, will join the company’s board.
Renowned for being stuck in the past, the construction industry lags behind others when it comes to digitisation. Its inefficient processes often result in high project costs, schedule overruns, excessive waste and a higher than necessary impact on the environment. BIMobject provides a cloud-based platform and powerful technology to make digital product information available for Building Information Modelling (BIM). This ensures that digital representations of each component can be used early in the building process for visualisation, specification, and analysis. Every element can be digitally built, checked and issues identified before the components are created in real-life. This digitisation helps increase efficiency and ensure that the projects can be delivered on time and within budget.
The world’s largest and fasting growing digital content management system for BIM objects, BIMobject connects manufacturers with architects, engineers and designers. This enables manufacturers to get their products specified in the early phases of the building lifecycle and all other parties now have a central repository where they can access digital versions of real products for their constructions.
The €23.4m capital injection will be used to accelerate the growth of users and customers on BIMobject’s digital platforms in existing markets, drive continued innovation and support expansion into new markets.
“The EQT Ventures team has a lot of experience building global technology companies and we’re looking forward to following the development of BIMobject,” said Hjalmar Winbladh, Partner and Head of the EQT Ventures advisory team. “With the team’s combined knowledge we can – together with EQT’s industrial advisors – effectively contribute to BIMobject’s development, help create a great customer and user experience, and build a global winner in a market that has fallen far behind others when it comes to digital transformation.”
“We’re extremely proud of this collaboration and EQT Ventures was our first choice to join us on the next stage of our journey,” says Stefan Larsson, CEO and founder of BIMobject. “The EQT Ventures team sees the potential of our business model. This investment will enable us to scale the business faster thanks to the knowledge that the EQT Ventures team has of successfully building fast-growing, internet-based global companies. With our new partner, we take a big step towards our vision that every building and interior product in the world should be in a digital version on our platforms.”
In conjunction with the new share issue, a secondary transaction will lead to changes in the shareholding of the company. MOJO Capital One, with Matthias Ummenhofer, will purchase a total of 1.6 million shares, 1,000,000 of which are being sold by Stefan Larsson, 300,000 by Sven Holmgren and a further 300,000 by Johannes Reischböck. All are members of BIMobject’s management group. In addition, Abvent SA (of which Director of the board Philippe Butty is a major owner) is selling 666,666 shares. Abvent is also issuing put options to sell a further 1,333,334 million shares (duration of 30 months, market priced) to the investors Patrick Söderlund, Chief Design Officer at Electronic Arts, and Johan Svanström, President Hotels.com.
The investment advisory team at EQT Ventures consisted of Hjalmar Winbladh, Partner, Ted Persson, operating partner, and Indra Sharma, venture lead. Details of the full transaction can be seen here
About EQT Ventures
EQT Ventures is a European VC fund with commitments of just over €566 million. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco and Berlin. Fuelled by some of Europe’s most experienced company builders, EQT Ventures helps the next generation of entrepreneurs with capital and hands on support. EQT Ventures is part of EQT, a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees.
BIMobject is a leading global IT company at the forefront of digitalisation of the construction industry. BIMobject offers a cloud-based platform, with over 1,000 manufacturers providing digital product information. Around the cloud-based platform, which currently has over 850,000 users, BIMobject offers a number of solutions aimed at property owners, construction companies and the trade sector. BIMobject, founded in 2011, operates in 20 countries and has over 200 employees. Revenue for 2017 amounted to SEK 84 million. BIMobject’s shares are traded on Nasdaq First North under the ticker: BIM. www.bimobject.com