GlobalFair, a cross-border supplier of building materials with a technology-first approach, announced on Thursday that it had received $20 million in a Series A round through a combination of equity and debt.
Lightspeed spearheaded the fundraising, with support from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
The money will be used to expand their manufacturing footprint in Vietnam and India, provide capital finance products, and create a dependable, end-to-end synchronised global supply chain that can be accessed by buyers worldwide with a single click.
According to GlobalFair, the global construction and building sector is approximately $1.4 trillion, with a $240 billion market in the US alone, which employs 700,000 contractors.
“The construction sector has always been unorganised, with little to no technology penetration. When examined through a cross-border lens, in particular, this results in low reliability and transparency throughout the supply chain, according to GlobalFair.
GlobalFair, which specialises in ready-to-install unique items for the US multifamily residential and commercial hospitality markets, is working to create a trade economy without borders.
GlobalFair is utilizing technology to address these issues for the global construction and building materials industry. We are excited to support the team as they modernise the industry and create new trade corridors, said Bejul Somaia, Partner, Lightspeed. “The pandemic exposed structural issues in cross-border supply chains and heightened the need for transparency, visibility, and diversification in procurement,” he added.
Customers can start interacting with GlobalFair’s platform at any point in the traditional process, from constructing cost estimations using shop drawings and architectural blueprints to real-time GPS-enabled tracking of the materials’ final deliveries in accordance with installation schedules on job sites.
The company intends to create new supply hubs in addition to growing its 110-person staff already dispersed across the US, Vietnam, and India
We like how GlobalFair is utilising technology to overcome the capacity gap and harness economies of scale, especially as India and Vietnam want to become the de facto manufacturers of the world, said Anand Lunia, Partner, India Quotient.