Commercial real estate platform Source secures $8.5 million in Series A funding led by M13
Portland, OR (PRWEB) August 01, 2023 -- Source, a leading B2B marketplace for commercial construction products, today announced it closed on $8.5M Series A funding round. The round was led by M13, with participation from Rise of the Rest, Rogue Venture Partners, Founders’ Co-op and Oregon Venture Fund. Source had previously raised a total of $3.7 million.
Founded in 2019, Source digitizes and streamlines commercial real estate projects through a single cloud-based platform to support the budgeting, product and material selection and purchasing of projects. It enables verified architects and designers to browse products, save material selections into projects, order samples directly from representatives, and export product information into spreadsheets.
The commercial construction industry in the United States has been on a steady growth trajectory since 2010, with the construction of commercial real estate worth a total of 115 billion U.S. dollars in 2022.
Source has seen outsized growth over the last 2 years, with project purchasing volume growing on average of 700% per year. Its focus on the hospitality, housing, and tenant improvement sectors have helped bolster this growth as those industries are still seeing robust growth with strong tailwinds. Recent client projects include purchasing for Hilton, IHG and Marriott branded properties.
The company intends to use the funds to expand nationally, increase its headcount and invest in technology advancements.
“The commercial real estate industry is long overdue for a solution that enables designers to collaborate on product selections in a cloud environment,” says Nicole Schmidt, founder and CEO of Source. “Source is focused on that digital upgrade. First, by making product selection less time-consuming, and more collaborative for the design team. And then by streamlining and integrating the purchasing of goods within the client’s timeline and budget; ensuring a strong ROI on their asset investments.”
“Despite technological advances, the construction industry still conducts many transactions via phone, e-mail, and pen and paper,” said Anna Barber, lead investor at M13. “We’re incredibly excited to partner with the world class team at Source whose platform is reinventing commercial real estate construction with the speed and scale customers require today.”
About Source:
Source is a B2B marketplace for commercial construction products. Project stakeholders can enjoy cloud-based collaboration and integrated purchasing on a single platform. Designers use Source to budget, discover, sample, and select products for commercial real estate projects. Product selections flow into an integrated purchasing pathway that supports the timely purchasing of goods and helps to protect the client’s timeline and assets. For more information visit http://www.tothesource.com
Brittany McClain, Source, http://www.tothesource.com, 1 (971) 271-6905, [email protected]
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