, a cross-border startup that supplies building materials, has raised $20 million in a Series A funding round through a mix of equity and debt.
This funding round was led by Lightspeed Venture Partners, with participation from Saama Capital, India Quotient, AUM Ventures, and Stride Ventures.
According to the statement, GlobalFair will use this funding round to grow its team, scale the business, and build new products.
Founded by IIT alumni Shaily Garg and Ashish Chandra in 2020, GlobalFair earlier raised $2 million in a seed round of funding from Saama Capital and India Quotient in 2021.
The company provides building construction materials across the US, India, and Vietnam. Starting with a single stone category, GlobalFair now caters to over 13 categories across different project types.
The startup has grown 300% annually, with 93% repeats, and expanded across 36 states in the US. In India and Vietnam, it focuses on supplying large projects.
On the fundraise, GlobaFair CEO Shaily Garg 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 three-way buyer, supplier and provider integration, our in-house software has automated the entire ‘discovery to delivery’ lifecycle of an order.”
The construction industry has traditionally been unorganised with low to zero penetration of technology. This is a $1.4 trillion market across the world, with a $240 billion market just in the US spread across 700,000 construction contractors. GlobalFair specialises in ready to install custom products across the multi-family residential and commercial hospitality segment 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 issues for the global construction and building materials industry.”