A few years ago, Montréal-based construction technology startup Billdr reached a critical turning point. After struggling to scale its original business, the company was forced to rethink its direction.
The shift followed what co-founder and CEO Bertrand Nembot described as a “near-death experience.”
“We didn’t get the business model right the first time with the marketplace,” Nembot told BetaKit in an interview last week. “We decided we’re going to continue, and we’re going to find a way to win. And I think that’s what we’ve done.”
Today, Billdr says it has rebuilt its business around a vertical software-as-a-service (SaaS) platform for small and mid-sized general contractors. The company has raised $3.2 million USD, or $4.4 million CAD, in seed funding to support this next phase of growth. The capital will help Billdr work toward its goal of becoming “the operating system” for construction.
The all-equity, all-primary seed round closed this month. White Star Capital led the round, with participation from new investor Desjardins Capital and existing backers One Way Ventures, asterX, and Formentera Capital.
With this round, Billdr’s total funding stands at about $10.5 million USD. Nembot declined to disclose the company’s current valuation. However, he said it remains flat compared to Billdr’s initial $3.2 million USD seed round in 2021, calling it “a reset of the company.”
Founded in 2020, Billdr initially launched as a managed home renovation marketplace. The platform connected homeowners with pre-vetted general contractors and handled design, planning, quotes, and project management.
Through this model, Billdr supported more than 1,000 homeowners across Montréal, Toronto, and Chicago. In total, the platform facilitated over $100 million in renovation spending.
However, challenges began to surface as the business scaled. As Billdr managed close to 100 projects at the same time, operational complexity increased. At the same time, rising interest rates starting in 2022 caused many homeowners to pause renovation plans.
To extend its runway, Billdr raised an undisclosed $4.2 million USD bridge round that year.
By 2023, Billdr faced a difficult choice. The company was running out of runway, market conditions remained uncertain, and the marketplace model proved difficult to scale.
As a result, Billdr’s leadership had to decide whether to shut down or “fight it through” and pursue a new direction.
The company chose to pivot. Billdr reduced its team to 10 employees and rebuilt the business as a vertical SaaS company. It took roughly 18 months to develop and launch its initial product from beta.
Another 18 months later, Billdr’s expanded platform now serves hundreds of general contractors across Canada and the United States.
Since the pivot, Billdr has crossed seven figures in annual recurring revenue. The platform has also processed more than $10 million in payments volume.
According to Nembot, the company has reached “real product-market fit” with a model that is both more scalable and sustainable than its earlier approach.
The shift came after Billdr observed a recurring pattern. Many homeowner complaints about renovation projects were tied to operational gaps on the contractor side. At the same time, contractors using Billdr’s marketplace began asking for standalone software tools to help manage their businesses more efficiently.
While platforms such as Jobber and ServiceTitan serve trade professionals, and Procore focuses on enterprise contractors, Nembot believes smaller general contractors are largely overlooked.
He said many contractors still rely on Microsoft Excel or a patchwork of disconnected tools. Existing solutions, he argued, are often too complex or designed to solve only isolated problems.
“They want an all-in-one software that’s modern [and] intuitive,” Nembot said.
Billdr’s platform aims to address this gap by offering tools for customer relationship management, estimates, invoicing, project and team management, and payments in a single system.
With its new funding, Billdr plans to advance its AI roadmap and expand its financial infrastructure. This includes features such as bill payments, corporate cards, lending, and insurance. The company also intends to help contractors access real-time pricing for building materials.
Nembot said he is “most proud” of how the team navigated the pivot. Drawing on lessons from the past few years, Billdr is now building the business in a “more capital-conscious” way.
The company currently employs around 20 people. Nembot expects Billdr to reach profitability within the next few months.
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