Vancouver-based e-commerce company BuildDirect has raised $4 million from the BDC IT Venture Fund. This brings the company's total funding up to more than $20 million after Omers Ventures injected $16 million earlier this year.
BuildDirect was founded in 1999 but has only just taken off in the past couple of years. The Canadian company predicts 70% revenue growth this year and 100% growth in 2013.
"In North America alone, the size of the building products market exceeds $492 billion," notes CEO Jeff Booth. "Having solved the e-commerce issues associated with bringing heavy building materials to your door in an industry that was previously fragmented, BuildDirect has experienced record growth month over month in metrics such as website traffic, sales and customer requests for samples, which is a key leading indicator for purchase."
With $20.6 million raised in less than half a year, BuildDirect is one of 2012's most-funded Canadian technology companies. But despite millions of annual visitors and an online presence exceeding a decade, the company is just getting started.
"We're not looking to be acquired at the $30 million dollar sweet-spot that's been the trend in the Canadian technology industry," Jeff explains. "Our goal at BuildDirect is to become a billion dollar company in the short term. All signs are indicating this is a real possibility for us. We see ourselves on the Fortune 500 list of companies in the next decade."
Jeff's ambition reminds us of Ryan Holmes, the CEO of HootSuite. Earlier this year Ryan declared that he wanted HootSuite, which has also raised some serious cash in 2012, to become a billion dollar Canadian technology company.