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GlobalFair raises $20 Million in its Series A funding led by Lightspeed

05:19 PM Oct 20, 2022 IST | Charu Singh
globalfair raises  20 million in its series a funding led by lightspeed
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  • GlobalFair’s technology first platform solves manufacturing and procurement problems for the building materials industry across the US
  • The raise will be utilized to grow the team, scale the business and build new products
  • In the last 1.5years, GlobalFair, has grown over 300% Y-o-Y with 93% repeats and expanded across 36 states in the US, supplying to small ($10M-50$M) and big projects ($100M-$500M) from the India and Vietnam supply markets.

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Mumbai / Bangalore, India, 20th October 2022: GlobalFair, the largest technology first global supplier of building materials in the cross-border space, has raised $20Mn in its Series A fundraise through a mix of equity and debt. This fundraise was led by Lightspeed with participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures. This will see them deepen their manufacturing base across India and Vietnam, launch capital finance solutions and build a sustainable end-to-end synchronized cross-border supply chain accessible at one click to the global buyer.

The Construction industry has traditionally been unorganized with low to zero penetration of technology. This leads to low reliability and transparency across the supply chain, especially when viewed from a cross-border lens. GlobalFair is disrupting this fragmented supply chain across building materials by leveraging technology, to build a borderless trade economy.

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This is a $1.4 Trillion market across[1] the world with a $240 Billion market just in the US spread across 700,000 construction contractors. GlobalFair specializes in ready-to-install custom products across the entire multifamily residential and commercial hospitality segment in the US.

On the fundraise, Shaily Garg, CEO, GlobalFair 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 3 way buyer, supplier, and provider integration, our in-house software has automated the entire ‘discovery to delivery’ lifecycle of an order. Our vision is to be the solution of choice for cross-border trade in building materials, and the customer love we have received as we target expanding into 80+ categories has reaffirmed our commitment to this goal and our next phase of expansion.’

 Commenting on the financing, Bejul Somaia, Partner, Lightspeed said, “The pandemic exposed structural issues in cross-border supply chains and heightened the need for transparency, visibility, and diversification in procurement. GlobalFair is using technology to address these issues for the global construction and building materials industry and we are excited to back the team as they modernize the industry and create new trade corridors.”

 On their continued investment in GlobalFair, Anand Lunia, Partner India Quotient said, “With India and Vietnam set out to become the de-facto factories of the world, we love how GlobalFair is using technology to bridge the capacity gap and leverage economies of scale. Looking back on how the team has grown across the mid to large-scale construction enterprises across the US coupled with expansion across the Vietnam supply markets, we are confident about the team’s capability as they look to scale further, and continue to partner with their mission”

The technology that GlobalFair has developed allows customers to start interacting with their platform across all stages of the traditional process, from building cost estimates using architectural plans and shop drawings to real-time GPS enabled tracking of final delivery of the materials as per installation schedules on job sites.

They also help optimize supply chain costs by maximizing load capacity utilization and using predictive demand manufacturing models, enabling a split between standard and custom demand SKU’s on the demand side. From sampling to inline QC to the final delivery of the product, everything is managed and tracked across their supplier platform and fed into GlobalFair’s internal ERP.

 Starting with a single stone category, GlobalFair now caters to 13+ categories across different project types and has become the one-stop shop for building materials for contractors in the US. With plans to expand the current 110-member team spread across the US, Vietnam, and India and launch new supply bases, GlobalFair is seeing out its vision of becoming the largest supplier of building materials globally.

 

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