With participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures, GlobalFair, a California-based technology provider for materials in the cross-border market, raised $20M in Series A funding, which was led by Lightspeed (which also invested in Remedial Health and CANDIS).
With ambitions to enlarge the 110-person workforce currently dispersed across the US, Vietnam, and India, the company will use the capital to accelerate expansion, scale the business, and introduce new supplier bases.
According to Shaily Garg, CEO of GlobalFair, “Our technology-first approach has altered the global supply chain of building materials with a clear focus on cost and sustainability in the present real estate market. Through a three-way interaction between the customer, supplier, and provider, our internal software has automated the whole “discovery to delivery” process for an order.”
Shaily added, “Our goal is to be the go-to option for cross-border building material transactions. Our commitment to this objective and our upcoming phase of expansion has been reinforced by the positive feedback from our customers as we target expanding into 80+ categories.”
The construction sector has historically lacked organization and little to no technological adoption. As a result, the supply chain is less dependable and transparent overall, particularly when seen from a cross-border perspective.
By utilizing technology to create a global trading economy, GlobalFair is upending this fragmented supply chain for building materials.
Shaily Garg and Ashish Chandra, two former engineers, founded GlobalFair to simplify supply chain procurement and delivery for major US contractors in a $240B US industry.
Through the use of architectural plans and shop drawings to estimate construction costs, as well as real-time GPS-enabled tracking of final material deliveries by installation schedules on job sites, the company’s technology enables customers to begin interacting with their platform across all stages of the conventional process.
By maximizing load capacity utilization, GlobalFair also reduces supply chain expenses. Everything is handled, tracked, and fed into GlobalFair’s internal ERP, from sampling to inline QC to final product delivery.
A one-stop shop for building materials for US contractors, GlobalFair now offers 13+ categories across various project kinds.
Bejul Somaia, a partner at Lightspeed, commented on the financing by stating that “the pandemic exposed structural difficulties in cross-border supply chains and increased the need for transparency, visibility, and variety in procurement. To address these difficulties in the worldwide construction and building materials market, GlobalFair is utilizing technology. We are thrilled to support the group as they modernize the sector and establish new trade routes.
Anand Lunia, Partner India Quotient, comments on their ongoing investment in GlobalFair: “With India and Vietnam aiming to become the world’s de facto manufacturers, we admire how GlobalFair is employing technology to overcome the capacity gap and harness economies of scale.”
“We are confident in the team’s capability as they look to scale further and continue to collaborate with their objective after looking back at how the team has expanded across mid- to large-sized construction companies in the US along with expanding throughout the Vietnam supplier markets,” Anand continued.
Image Credit: GlobalFair