Bridgit this week: FedDev Ontario, Portraits of Innovation, and StandUp Ventures
On Wednesday, May 22, we had the honour of announcing that we are recipients of $750,000 in government funding through FedDev Ontario. This funding is in support of our growth as a company, but also of women-led innovation in Canada.
Our office was buzzing with lots of press, and the crowd was addressed by Berry Vrbanovic, Mayor of Kitchener, and MP Raj Saini, MP for Kitchener Centre. Lauren Lake, Bridgit’s Co-Founder and COO, spoke about how she and Mallorie started Bridgit, moving to Kitchener-Waterloo without knowing a soul, and the potential they saw in the area’s tech ecosystem.
“Bridgit will use the new investment, along with the $6.2 million Series A it raised earlier this year, to scale its business operations and expand into new and existing markets, including key cities in the U.S.”
Read more at BetaKit.
The entire team at Bridgit is incredibly diverse. The founders weren’t striving to get a bunch of folks that have only worked in tech into one space. They’ve been selective with hiring, and understand the importance of bringing in people with a variety of experiences to avoid homogeneity.
“That appreciation of holistic thinking informs every aspect of Bridgit’s offerings. The startup supports more than 125 contractors (and counting) across North America, helping them build everything from $5-million residential projects to billion-dollar commercial buildings. Bridgit does that by replacing the contractor’s clipboard with an all-purpose app that tracks tasks, shares information and monitors building quality. Most crucially, the tech saves each of its users an average of 10 work hours per week — no small feat for an industry plagued by high costs and unwelcome surprises.”
Read the full piece at MaRS Discovery District.
StandUp Ventures is part of a group of women-focused venture firms. After holding the second close of their inaugural funding round, they raised $18 million.
StandUp invests in women-run cleantech, IT, and life science companies in Canada. In order to qualify for funding, startups must have at least one female founder in the C-suite that has a substantial stake that is proportionate with the company’s development stage.
Bridgit is one of the 7 investments they’ve made thus far. With their new funding in place and new goal of $25 million, StandUp Ventures is looking at their next 12-25 investments.
Read more at The Globe and Mail.