CIBC Innovation Banking provides loan to VC-backed Bridgit

CIBC Innovation Banking has provided undisclosed debt financing to Bridgit, a Kitchener, Ontario-based construction software provider.

The funding came alongside Bridgit’s Series A round. This year, the company was reported to be negotiating debt financing that would increase its latest round to $7.75 million.

CIBC Innovation Banking said the proceeds will support the launch of a new product, Bridgit Bench, a resource planning platform for general contractors.

Founded in 2014 by CEO Mallorie Brodie and COO Lauren Lake, Bridgit provides end-to-end productivity and performance solutions for construction operations managers and their teams.

Its backers include BDC Capital, Innovation Grade Ventures, MaRS Investment Accelerator Fund, Salesforce Ventures, Sands Capital Ventures, StandUp Ventures and Vanedge Capital.

Photo (left to right): Mallorie Brodie and Lauren Lake, founders of Bridgit.

PRESS RELEASE

CIBC Innovation Banking provides Bridgit with growth capital financing

CIBC Innovation Banking has announced a growth capital financing for Bridgit Inc. The debt capital comes alongside a recent Series A equity raise and is structured to support the company as it expands the business with a new software platform, Bridgit Bench – a resource planning platform for general contractors.

Bridgit provides end-to-end productivity and performance solutions for construction operations managers and their teams. Most recently the company launched a new software platform intended to support enterprise construction clients, in addition to its existing punch list and inspections software – Bridgit Field.

“We are very excited to be working with Bridgit,” said Amy Olah, Executive Director at CIBC Innovation Banking. “The team at Bridgit has done a fantastic job of meeting the needs of their market and creating easy-to-use workflow management solutions that are changing the way construction companies manage their projects and people.”

“It was really important for us to partner with a debt provider that understood our vision and we’re excited about the massive opportunity for new and innovative solutions in the construction industry,” said Mallorie Brodie, CEO at Bridgit. “Post-closing, Amy and her team have continued to support us with their extensive industry experience.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada. CIBC Innovation Banking is a brand name under which CIBC and CIBC Bank USA provide products and services.

About Bridgit

Bridgit was founded in 2014 by civil engineer Lauren Lake, and entrepreneur Mallorie Brodie. Having each grown up in the construction industry, they saw an opportunity to continue the family tradition — but with a modern approach. Bridgit Field was built from the ground up to make construction projects less complicated, and finish faster. With a focus on the field, the app simplifies communications across all people, increases accountability and visibility, and improves quality. Bridgit Bench is its most recent product, designed to eliminate the headaches and spreadsheets of managing construction resource planning.

For further information: Susan Mocherniak, susan.mocherniak@cibc.com, 416-682-6007.