CIBC Innovation Banking Provides $7 Million in Growth Capital Financing to Bridgit

TORONTO--(BUSINESS WIRE)--CIBC Innovation Banking announced today that it has provided an extension to its existing growth capital financing to construction-software company, Bridgit.

Bridgit's workforce planning and optimization platform transforms workforce data into actionable insights, allowing contractors to bid on and staff projects with information at their fingertips. Bridgit is a leading workforce planning product in the construction industry, with 30% of top American contractors utilizing the platform to plan their resourcing needs. Bridgit has released 52 new features in the last year and announced 16 integrations (with companies such as Procore, Autodesk and Trimble), with plans to continue expanding in the future.

“We are very excited to continue working with Bridgit,” said Amy Olah, CIBC Innovation Banking Managing Director and Head of Canadian Originations. “Since we first started working with the company in 2019, the team at Bridgit has continued to meet the growing needs of its market. Through its easy-to-use workforce management solutions, Bridgit is changing the way construction companies manage their projects and people in an intuitive way.”

“It was important for us to work with a debt provider that understood our vision and we’re excited about the massive opportunity for new and innovative solutions in the construction industry,” said Mallorie Brodie, CEO at Bridgit. “Post-closing, Amy and her team have continued to support us with their extensive industry experience.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, Reston, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses in the U.S. and Canada. CIBC Innovation Banking is a brand name under which CIBC and CIBC Bank USA provide products and services.

About Bridgit

Bridgit was founded in 2014 by Lauren Lake, a civil engineering graduate, and entrepreneur Mallorie Brodie. Having each grown up in the construction industry, they saw an opportunity to continue the family tradition — but with a modern approach. Bridgit is a privately held company, having raised over $35 million USD in equity financing, with capital from investors such as Autodesk, BDC Capital’s Women in Technology Venture Fund, Camber Creek, Export Development Canada, IAF, Nine Four Ventures, Salesforce Ventures, Sands Capital, StandUp Ventures, Storm Ventures, and Vanedge Capital. Learn more about Bridgit at gobridgit.com.