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Nemetschek Group invests in construction finance start-up Briq
Tue, 23rd Jan 2024

The Nemetschek Group, a premier software solutions provider for the AEC/O and media sectors, has disclosed its investment in the American enterprise Briq. Briq, a start-up founded in 2017, aims to be a transformative force in construction finance with its financial automation platform designed to enhance efficiency and profitability for construction companies.

The investment allows Nemetschek to expand its venture strategy, optimising innovation and efficiency within the industry. With its headquarters in Santa Barbara, USA, Briq was launched by Bassem Hamdy and Ron Goldshmidt. It has focused on supplying a financial operating system for construction companies. Briq enables businesses to dictate workflows, manage data, oversee cash flow and projects, and refine processes, accuracy, and business operations.

In industries that have been slower to embrace digital transformation, like construction, and where labour shortage, material availability, and outdated financial tools pose challenges, Briq can provide much-needed digitisation in financial processes. Briq's platform operates as a single source of financial truth for construction companies, offering real-time capabilities. This platform allows firms to gain insights from historical data, improve decision-making processes, and plan strategically for the future while reducing manual tasks and optimising efficiency.

Bassem Hamdy, CEO and Co-founder of Briq expressed satisfaction with the collaboration with the Nemetschek Group. Hamdy highlighted the group's extensive understanding of the construction lifecycle within the industry, emphasising that their expertise would accelerate Briq's platform and expand its reach to a broader audience. This partnership is seen as a valuable opportunity to leverage Nemetschek Group's insights to enhance and grow Briq's presence in the construction sector.

Hamdy said, "We are very happy to be working closely with the Nemetschek Group. They have a comprehensive view of the construction lifecycle in our industry. Their expertise will help us to accelerate our platform and provide access to an even broader target group."

Matt Wheelis, SVP of Strategy, Build and Construct Division at Nemetschek Group, added, "The inherent inefficiencies and project-based financial risks in construction are challenging to identify in real time. Briq provides a leading solution to address those weaknesses, using AI to connect the dots between the field and the back-office for project financials. Their open, system-agnostic approach is a perfect fit with our principles, and we are excited about our partnership to revolutionise construction financials."

Tanja Kufner, Head of Startups and Venture Investments at the Nemetschek Group, explained that investing in Briq is in line with their strategic focus of driving innovation and digitalisation throughout the construction value chain. Kufner remarked on how Briq has impressed her by transcending traditional boundaries and seamlessly orchestrating finance workflows across project management and ERP systems.

Briq's platform, which eliminates manual tasks and minimises human errors, significantly amplifies efficiency and profitability for construction companies. The platform blends effortlessly with popular construction systems such as Sage 100, 300, QuickBooks, Vista, and Xero. Despite its relatively young existence, Briq serves over 300 US-based clients and employs more than 250 people, operating from offices in the USA, Canada, and India.