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Bulk Exchange raises $4.5M to help construction companies source bulk materials
That fact that the startup raised from industry folks is not a massive shock once you understand the market that Bulk Exchange is tackling: They likely want to use what it's building.
Instead of heading down the traditional venture capital avenue, the company instead raised the majority of its funding from people in the construction industry, its CEO and co-founder, Paul Foley, told TechCrunch. I interviewed Foley over video for this story, and he succinctly illustrated the need for his company’s product by gesturing toward a cork board that was plastered with sheets — that’s how how most folks in the business today source the gravel and sand that underpin construction work around the world, he said. Tech startups often find the most traction by simplifying or addressing a large, critical and recurring business process that’s executed with paper or spreadsheets, so Bulk Exchange is following a well-trodden path.
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