BRIK Confirms Close of Pre-Series A Funding Worth 168 Billion Rupiah

The BRIK construction startup has closed its pre-series A funding round with a nominal value of $11,5 million (around 168 billion Rupiah). This has been confirmed by the company's management following the last news regarding their fundraising in December 2022.

To DailySocial.id, BRIK said that previous investors, such as Accel and AC Ventures, are participating in this round again. Then, B Capital, Alter Global, Living Lab Ventures, Singapore-based construction company Woh Hup, one of the local conglomerates, and several angel investors the majority of which come from India, also invest.

Previous, BRIK has received $4 million in seed funding in July 59,5, led by AC Ventures with involvement by Accel, Infra.Market, Alto Partners, BizOnGo, and a number of angel investors.

These fresh funds will be used to expand business reach and add BRIK product lines. In an effort to develop its business, BRIK is also known to plan to employ several individuals in Singapore, Indonesia and India to provide concrete, precast and non-structural products, high quality aggregates and construction chemicals.

Apart from that, the company also encourages technological innovation to reduce prices. To date, BRIK is available on the islands of Java, Bali and Lampung.

Currently, BRIK has four superior products, namely concrete, interior paint and waterproofing from Singapore, red brick and hebel brik, also glue, Thinner and admixtures. The company quickly added new product lines, such as lumber for construction, and increased product value by heading to green innovation.

BRIK Solutions

BRIK was founded in 2022 by four people founders, two of them are former VP SEA Investments at Jardines and one of the co-founders at iDexpress. BRIK is a B2B raw material aggregator company that focuses on building houses with construction material products.

In its operations, the company utilizes technology to solve problems in the construction sector such as lack of price transparency, inappropriate quality of construction materials, fragmented vendor base, and inefficient logistics. With this business system, BRIK has served institutional clients (B2B) and also retail customers.

BRIK develops its own construction products with quality and characteristics that are in accordance with the research carried out by the team. Through a mechanism cloud manufacturing, the company is embracing building material supplier partners to help the company produce goods. BRIK provide guaranteed sales through owned channels.

There are several startups targeting the construction segment in Indonesia, to name just a few GoCement which seeks to streamline the construction business. Apart from that, there is Proglix which presents an integrated provision solution raw material for infrastructure and manufacturing consumers.

According to research Global Data, the size of the construction business market in Indonesia has reached $234,6 billion or the equivalent of IDR 3,591 trillion in 2021. It is projected that this sector will gain average annual growth rate (AAGR) more than 4% in the 2023-2026 period. This growth is directly correlated with a number of economic metrics, including national GDP which in 2022 managed to grow 5,31%.