Added Investment to Fuel Growth Of BuildNet

by WOHe

Added Investment to Fuel Growth Of BuildNet

Research Triangle Park, NC BuildNet, Inc., a leading e-business,
technology and project management systems provider for the home
building industry, has raised $104.7 million in its latest round of
financing.

According to BuildNet, based here, the investment said to be one
of the largest single private placements in the U.S. will fund the
company’s planned business-to-business e-business initiative,
currently scheduled to roll out in major cities this year.

The venture is aimed at establishing an e-business exchange that
will provide builders, suppliers and manufacturers “with an open
system to facilitate commerce and reduce industry waste,” says
BuildNet CEO Nathan Morton.

BuildNet, ultimately, will “fundamentally change the building
industry supply chain” by providing home builders with access to an
integrated online network that provides project management
assistance, as well as direct links to preferred sources of
product, Morton said. For manufacturers, the BuildNet platform will
provide advance notification of product orders in key categories,
improving efficiencies in just-in-time manufacturing and inventory
management, he noted, adding that users will also be able to take
advantage of available information “to anticipate, rather than
respond to, market demand.”

“BuildNet is leading the way in creating an industry standard
and an e-business platform for the home building materials market,”
said BuildNet president Mike Atwood.

BuildNet’s latest financing round, its third, involves a number
of major institutional and strategic investors, including building
products manufacturers, building materials distributors and
prominent home building firms. Among those investors which will
each be minority equity shareholders in BuildNet, Inc. is Kohler
Co. and Owens Corning, noted BuildNet officials. The company also
said it has established e-business agreements with such companies
as GE Appliances, Owens Corning and CertainTeed.

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