Briq raise USD 8 million in extension funding

The 8 million extension comes after the startup had last raised USD 30 million in a Series B financing led by Tiger Global Management in June 2021. 

A smaller amount of investment instead of a Series C financing

Moreover, Briq saw an ARR growth of about 40% in 2023 compared to 2022, with over nearly 400 customers, including Choate Construction, Catamount Constructors, Fessler & Bowman, and Elder Construction. The company has also executed a cost-reduction strategy, leading to a 45% decrease in employees to 138 by the end of 2023 compared to 2022. 

More about Briq

In this market, Briq provides two products: Briq AutoPilot and Briq CoPilot. The first one uses bots to automate up to 80% of business processes that are highly predictable, such as accounts payable, accounts receivable, and payroll processing. These bots can read documents, apply logic to their contents, and take actions based on predefined rules.

The second one automates the creation and administration of financial forecasting processes, including job cost forecasting, revenue recognition, and revenue forecasting. It also provides end-user coaching and risk detection to help contractors and project managers avoid cost overruns, missed change orders, and other financial risks that are introduced during a job.