Startup GlobalFair, provider of building materials, has secured $20 million in a Series A funding round through a mix of equity and debt.
Thecompany will invest this new capital to expand its team, scale the business, and develop new products according to the company statement.
GlobalFair Founded by IIT alumni Shaily Garg and Ashish Chandra in 2020, previously raised $2 million in a seed round of funding from Saama Capital and India Quotient in 2021.
The startup provides building construction materials across the US, India, and Vietnam. Starting with a single stone category. It now caters to over 13 categories across different project types.
Startup GlobalFair expands to 36 states
GlobalFair focuses on supplying large project has grown 300% annually, with 93% repeats, and expanded across 36 states in the US including India and Vietnam.
CEO Shaily Garg said, “With a clear focus on affordability and sustainability in the current real estate market, our technology-first solution has transformed the global supply chain of building materials. Through a three-way buyer, supplier and provider integration, our in-house software has automated the entire ‘discovery to delivery’ lifecycle of an order.”
The construction sector has always been unorganised and has had little to no technological adoption. There are 700,000 construction contractors working in this $1.4 trillion global sector, which has a $240 billion US market. In the US, GlobalFair is a leader in ready-to-install custom products for multifamily housing and commercial hotels.
This funding round was led by Lightspeed Venture Partners, with participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
