Architecture tools startup BIMStop has secured a multi-million dollar funding boost from Wellington investors Movac to push on with US expansion.
The five year-old, Christchurch-founded company has been resident in the Kiwi Landing Pad, the San Francisco co-working hub for Kiwi tech startups, since last year and will now treat that as its global HQ.
It makes 3D models of building products for architects to use in their designs.
Movac's investment will be used to support the establishment of a US-based executive team and market expansion initiatives, including accelerating product development and increasing the salesforce, says founder Scott Barrington.
The company forecasts its revenue will triple in the current financial year and staff numbers will double in the next 12 months.
"We need experienced eyes and ears on the ground in market to understand and respond to our customers' needs" says Barrington. He adds it will keep its development and operations team in Christchurch "for the foreseeable future".
"We solve a growing problem in a massive market helping architects and building specifiers stay up to date and manufacturers target the right people in this market and keep them informed," says founder Scott Barrington.
He says there is growing demand for its solutions and the company needs to be closer to customers in the US.
Global manufacturers such as Miele, Thermador, Bosch, Delta, GAF, Bradley and Polyflor are among BIMStop's customers. Movac partner David Beard says his company took an interest in BIMStop's progress about 18 months ago. "We were impressed with BIMStop's execution and market proof points achieved on tight budgets — our investment is a result of a high level of confidence in the team and what we believe to be a significant market opportunity based on our own due diligence."
BIMStop has already had investment from Christchurch company Powerhouse Ventures.
Barrington was one of 10 Kiwi entrepreneurs chosen by thee Ministry of Business, Innovation and Employment to attend the MIT Entrepreneurship development programme earlier this year and the company was named Best Startup at this year's Hi-Tech Awards.
It was also runner up in IBM's trans-Tasman Smartcamp in Sydney in September.