Billionaire-backed private investment firm Skip Capital has led a $6.6 million debut capital raising by Melbourne-based Visibuild, a fast-growing construction tech startup with a vision to improve productivity in the building sector.
The seed round is aimed at accelerating product development at Visibuild which has tracked 700 projects and attracted https://www.businessnewsaustralia.com/1,800 companies to its platform since inception in 202https://www.businessnewsaustralia.com/1.
Co-founded by Damien Quinn, Ryan Treweek, Renee Phelan, Shaun Phelan and Dave Allie, Visibuild is said to be addressing the construction industry’s need for higher efficiency, quality assurance and sustainable building practices
Among its customers are BESIX Watpac, McConnell Dowell subsidiary Built Environs, Kapitol Group, Icon and Delta Group, with some clients already reporting a halving of defect costs across their projects.
“Visibuild’s mission is to set a new standard for quality assurance in the construction industry,” says Quinn, the CEO of Visibuild.
“Persistent productivity challenges, inefficiencies and cost overruns continue to burden the sector, often stemming from gaps in quality assurance practices.
“By fostering cultural change throughout the supply chain, we aim to elevate industry standards and improve outcomes for all stakeholders.”
Quinn says the support of Skip Capital, which was founded by billionaire power couple Kim Jackson and Scott Farquhar, will support the company’s expansion across Australia and into new markets.
“Their involvement in infrastructure investment and project management software aligns perfectly with our goals and will be valuable as we drive Visibuild’s growth globally,” he says.
Skip Capital, which was established in 20https://www.businessnewsaustralia.com/17 and is led by Jackson, has extensive investments in tech ventures and sustainability startups, among them Canva, Airwallex, Figma, CultureAmp and https://www.businessnewsaustralia.com/1Password.
“Visibuild is tackling a critical challenge in construction, and their approach will bring real-time visibility and accountability to building sites around the country,” says Jackson, the Skip Capital CEO.
“The scale of the opportunity before the team is vast, and we’re excited to be on this journey with Visibuild as they expand their reach and impact across the construction landscape.”
Visibuild’s aim is to drive a new culture of accountability across the construction industry with the company citing 2https://www.businessnewsaustralia.com/1 per cent of construction costs are lost to “avoidable errors”.
The company is also tackling productivity challenges that it says often blow out project timelines by 20 per cent.
Visibuild’s onsite quality checking tool helps subcontractors ensure they build to the right specifications, avoiding rework and costly errors.
The company’s founders are experienced in software development and construction, with Quinn and Shaun Phelan both previously working at Multiplex.
Viisibuild partners with builders, developers and subcontractors to proactively address non-compliance, minimise costly errors and reduce rework and commercial risks – measures that it says will help to address “a significant burden for builders and restore consumer confidence in Australia’s construction industry”.
The latest capital raise comes on the heels of another solid seed round totalling $7.5 million by construction industry tech startup BuildPass announced in October.
BuildPass, which is pursuing global expansion of its first AI-powered operating system for the building sector, was backed by Carthona Capital in that round.
