Difference Capital Financial Inc said it supported BuildDirect.com Technologies Inc with a USD 5 million investment. Difference Capital is a Toronto-based specialty finance firm while BuildDirect.com Technologies is an online supplier of home improvement products. The proceeds brought to USD 13 million the total funds raised by BuildDirect in the past two months. Venture capital firms like OMERS Ventures and BDC Venture Capital also provided funding to BuildDirect in the past.
BuildDirect President and Chief Executive Officer Jeff Booth said about the investment,"Difference Capital's expertise in the technology sector, core principals, and network are essential for the growth of BuildDirect.Following closely behind a recent $8 million financing from Dynamic Funds, this latest fundraising will provide us with flexibility to execute our growth plans."
BuildDirect allows buyers of home improvement goods straight from manufacturers at low prices. By eliminating various costs in the supply chain, the company allows customers to buy products at 30% to 80% below the existing retail price. Manufacturers can also take advantage of BuildDirect's data analytics so they can improve their production and marketing functions. The company's logistics network also facilitates timely and cost-effective delivery of products.
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