BuildStock, a B2B marketplace and financial platform provider for building materials with headquarters in New York City, has raised $1.6 million in pre-seed capital.
Precursor, MGV, XFactor, and RefashionD were among the investors in the round, along with angels Osuke Honda, Nihal Mehta, Shruti Gandhi, Tom Peterson and Yun-Fang Juan.
With the money, the firm hopes to grow, add additional players to the market, and extend third-party FinTech, AI, and logistical connections.
Buildstock is a centralized marketplace that offers payments, transparency, and discovery to the building materials sector. It is led by CEO and founder Kathryn Thiele AIA. Buyers can use it to compare suppliers, understand lead times and prices, and quickly finance payments. Suppliers of materials may receive longer payment terms and higher volumes. Suppliers can get payments in as little as five days, as opposed to waiting thirty, sixty, or even ninety days.
