Jun 25, 2020
We sat down with Bassem Hamdy, CEO of MetaProp portfolio company Briq, to learn about how the current COVID-19 crisis has been affecting their customers and how Briq’s solutions have been helping them navigate these difficult times. Read along!
FOR READERS WHO MAY NOT BE FAMILIAR, CAN YOU DESCRIBE BRIQ AND HOW THE CONSTRUCTION INDUSTRY UTILIZES YOUR SOFTWARE?
Briq is a data platform that provides construction financial leaders with a suite of AI-Forecasting, Search, and Automation products to help modernize financial management of construction companies of all sizes.
YOU HAVE HAD A FRONT LINE VIEW OF COVID'S IMPACT ON THE CONSTRUCTION INDUSTRY. HOW HAVE YOU SEEN THIS CRISIS PLAY OUT ACROSS THE INDUSTRY AND HOW ARE YOU SEEING CONSTRUCTION INDUSTRY LEADERS RESPOND?
Many contractors in the US North-East and Mid-West experienced significant stoppage on projects, particularly in non-essential sectors such Hospitality, Entertainment, and Education. However, in essential industries such as Healthcare, Telecom, and Infrastructure, many contractors (including our clients) were able to not only sustain high levels of work but experienced an acceleration of projects. Economic conditions for the next 18 months continue to be a concern in the industry, but many contractors regardless of work levels are using the crisis as an opportunity to cut overhead and focus on profitability.
GIVEN THE HIGH LEVELS OF UNCERTAINTY IN THE REAL ESTATE DEVELOPMENT AND CONSTRUCTION MARKETS TODAY, HOW IS BRIQ HELPING CONTRACTORS NAVIGATE IN THE CURRENT CLIMATE?
Contractors have viewed Briq as a critical investment in their effort to cut overhead costs and improve the accuracy of their financial forecasts, particularly for cashflow, labor, equipment, and materials. Briq’s Automate product helps GCs freeze overhead costs by automating many manual accounting tasks, while Briq’s Forecast tool uses that data to build faster, more accurate forecasts (in some cases, up to 40% more accurate).
YOU GUYS ARE A GOOD EXAMPLE OF A PROPTECH COMPANY WHOSE VALUE PROPOSITION IS MORE URGENT THAN EVER IN THE CURRENT MOMENT. CAN YOU DESCRIBE WHAT INDUSTRY DEMAND LOOKS LIKE RIGHT NOW AND HOW BRIQ IS RESPONDING?
Briq is positioned in a critical area of the construction business, so financial executives have been eager to onboard onto our platform. As a result, we will see a record quarter in sales for 2Q20 and a 900% increase since launching in 2019. The company has also shifted to a largely remote workplace, which has proved to suit the company culture. In the last 12 weeks, Briq has launched 3 new product lines, a new website, and closed on its Series A funding round.
HOW HAVE YOU SEEN INDUSTRY DYNAMICS CONTINUE TO EVOLVE THROUGHOUT THE CRISIS? ANY PREDICTIONS GOING FORWARD?
Going into the crisis, construction backlogs were at pre-2008 highs. Those numbers have diminished, but that is largely on account of non-essential industries and previously greenlit projects being shelved. Many contractors remain bullish on a potential infrastructure bill out of Congress, which could contribute as much as $1.5 trillion in spending over the next decade. Whether or not a bill materializes, Healthcare, Telecom, Data Centers and Infrastructure will continue to lead the industry over the next 18 months. Briq’s Construction Confidence Index, which has been conducted since the beginning of the COVID crisis and measures market confidence over the next 12-18 months, is currently at a 3.8 out of 5.
To learn more, please reach out to Briq’s CEO and Founder Bassem Hamdy, and Briq’s Head of Growth Ellis Talton.
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