GlobalFair, a California-based technology provider for materials in the cross-border space, raised $20M in Series A funding led by Lightspeed (also invested in Remedial Health and CANDIS) with participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
The company will use the funds to accelerate growth, scale the business with plans to expand the current 110-member team spread across the US, Vietnam, and India, and launch new supply bases.
Shaily Garg, CEO of GlobalFair, says, “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. Our in-house software has automated an order’s entire “discovery to delivery” lifecycle through a three-way buyer, supplier, and provider integration. Our vision is to be the solution of choice for cross-border trade in building materials. 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.”
The Construction industry has traditionally been unorganised, with low to zero technology penetration. As a result, it leads to low reliability and transparency across the supply chain, especially when viewed from a cross-border lens.
Disrupting fragmented supply chain
GlobalFair is disrupting this fragmented supply chain across building materials by leveraging technology to build a borderless trade economy.
Founded by former engineers Shaily Garg and Ashish Chandra, GlobalFair was created to streamline supply chain procurement and delivery for large US contractors in a $240 billion US market.
The company’s technology 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.
GlobalFair also helps optimise supply chain costs by maximising load capacity utilisation. 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.
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.
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 global construction and building materials industry issues. 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, says, “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.”
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