PlanHub, the leading cloud-based software as a service (SaaS) preconstruction platform, today announced its strategic partnership with Billd, the leading working capital provider for commercial trade contractors. Their newly launched integration will provide more subcontractors with comprehensive solutions to secure critical project financing during preconstruction. Joint customers can manage their cash flow more effectively and overcome financial obstacles when growing and executing on their project pipeline.
By leveraging Billd Connect, Billd’s suite of embedded financing apps, PlanHub’s subcontractor customers can easily access capital within PlanHub’s bidding workflows. This allows subcontractors to bid confidently knowing they have the capital to execute new projects and incorporate the cost of financing into their bids. Improved cash flow and access to capital allows subcontractors to manage their businesses on their own terms within unpredictable macroeconomic conditions. Ultimately, this brings some stability to an industry reeling from price fluctuations and supply chain delays.
“While we’re confident in the long-term industry outlook, it’s critical that we support construction professionals who are continuing to navigate ongoing market challenges and disruptions,” said Ro Bhatia, CEO of PlanHub. “Having more financial control in the preconstruction phase will help subcontractors using the PlanHub platform lock down projects with confidence, build their pipelines, and improve profit margins. The partnership with Billd is the latest step in providing construction professionals with the best tools to succeed and grow.”
It is commonplace for contractors and subcontractors to lack early financing to bid on projects. Once those projects begin, construction professionals must overcome the challenge of paying for materials, labor, and general and administrative expenses upfront. The threat to execution and overall business health is compounded by the fact that subcontractors are typically the last to get paid, waiting an average of 74 days for payment on completed work. With the integration of Billd Connect providing in-platform access to subcontractor-specific financial options, including their newest working capital solution Pay App Advance, partner contractors can bypass the waiting period and receive payment for completed projects when needed.
“We’ve been privileged to collaborate with PlanHub on our goal of being the champion of the subcontractor,” said Chris Doyle, CEO of Billd. “Together we will empower subcontractors to bid with confidence knowing that they have the financial tools and resources required to deliver on their promises to their customers.”
By bringing Billd solutions to PlanHub customers, the partnership has created a one-stop-shop experience. Subcontractors now have access to a fully integrated platform that combines project management, bid creation, takeoff solutions, and now material and invoice financing, empowering commercial subcontractors with all the necessary tools for project success.
PlanHub is the fastest-growing, cloud-based preconstruction platform that connects general contractors, subcontractors, owners, and material suppliers to build relationships and improve how they collaborate, manage their business, and win more projects together. Created by contractors, for contractors. PlanHub is the most trusted end-to-end pre-construction platform, serving 55,000 general contractors and 350,000 subcontractors. PlanHub provides easy-to-use tools that connect construction professionals, simplify the bidding process, accelerate takeoff, and find more quality leads, while providing access to in-depth market intelligence and dedicated personal service that helps support and grow their businesses.
Billd was started by Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance. Chris and Jesse were inspired to launch Billd to bring the financial power of Wall Street to the construction job site, allowing contractors to bypass project hurdles with access to upfront funds while enabling suppliers to sell more materials with less risk. For contractors who usually aren’t paid until more than 74 days from purchasing materials, Billd provides 120-day terms so they can stabilize cash flow and more effectively grow their businesses. With a deep understanding of the construction industry, Billd knows traditional credit metrics are poor predictors for risk in this vertical segment and has built a variety of industry-specific, proprietary analytic tools to better assess risk in the construction industry.