The fund-raising was led by Aconex co-founder Leigh Jasper who will now join the board in the advisory position of Director of Innovation. Follow-on investment came from existing shareholders, with strategic investors Perennial Investment Partners, SFO Ventures and Salta Capital also involved.
Buildxact chief executive David Murray said in a statement that the company had chosen to focus on a neglected section of the market.
“Residential builders lack fit-for-purpose tools and are often using spreadsheets and even paper to manage their business," he said.
"By streamlining the building process from quote to cash, our users are saving up to 80% of time in admin while improving their financial control.”
The statement said there was a market of more than 600,000 in the countries named above.The funds raised will help to accelerate growth, particularly through further investment in marketing to support expansion in Canada.
The company also plans to launch into the US and the UK in 2020. In addition, investment in the product will be increased to further strengthen its market leadership.
“The traction we’ve seen in recent years proves there is a need for our solution,” Murray added.
“Following the establishment of a fit-for-purpose product, the company has invested in sales and marketing and accelerated its revenue and subscriber growth. With this injection of funds, we can increase our investment in our product to serve more of the industry, not just here but in our chosen international markets as well."
Jasper said he was looking forward to stepping back into construction technology and helping create another global leader in the space.
“I’m impressed by what the Buildxact team has been able to achieve under David and John’s leadership," he said.
"They’ve identified a clear market opportunity, developed a product that solves real pain points for builders, and have a proven track record of execution. I’m looking forward to joining Buildxact on the next part of the journey and creating another Australian success story."