Industry leaders invest in Source Marketplace
Architizer, the network marketplace for architects and building-product-manufacturers, is proud to announce the closing of a strategic round of financing led by industry insiders from the architecture and construction industries. The investment will fund continued expansion of the Source Marketplace platform across the United States.
New investors include leading architects, Bjarke Ingels, J.Mayer H., Wendy Evans Joseph and Work AC, as well as cutting-edge developer Ironstate and Katerra - a startup that is revolutionizing the construction industry. This strategic round includes participation of Architizer's existing investors, which include August Capital, Gary Handel and Series A investor SHoP Architects.
In joining Architizer, these new investors are betting on Source revolutionizing the way architects chose the products they need for their buildings. Source brings consumer marketplace dynamics to the $100billion a year architectural-product market by introducing pricing transparency, accurate search capabilities and seamless communication between architects and manufacturers. These innovations help architects do their jobs faster and smarter while providing manufacturers the chance to pitch their products to the right architects at the right time.
Bjarke Ingels describes Architizer as “the architecture community of the future. To unleash the power of the profession, architects need to make big moves to change the way we do business. Source does exactly that.”
Since launching Source in January of 2016 over $3 billion worth of projects have used the platform executing over $200 million worth of product searches. Source counts some of the largest architecture firms in the country as clients - Studio Gang, FXFOWLE, IA Interior Architects and WEISS/MANFREDI - over 100 architecture firms submitting projects worth on average $50M in construction value. We are just as thrilled to be working with some of the largest building-product-manufacturers in the nation, like ASSA ABLOY, Hunter Douglas, Porcelanosa, Herman Miller and Delta Light.
David Barry of Ironstate describes Source as “a no-brainer. From the developer's perspective, we want our architects making product decisions that don’t have to be rethought at every phase of the project. Source creates market transparency so that our architects can make smart decisions the first time.”
Today, architects rely on Google and the telephone to find the products they need. Meanwhile, manufacturers use relationship-sales like lunch-and-learns, trade-shows and live-product-demos. The market is inefficient for both sides. By centralizing demand, Source gives both sides an accurate snapshot of the market's needs. This will foment faster product development and cycles of innovation in building products.
“There should be no difference between specifying architectural aluminum panels and buying a salad spinner on Amazon,” says Marc Kushner, Architizer CEO “If architects could comparison shop, read colleague reviews and compare products, the building-product-industry would be leaping to innovate. Better products mean better buildings and market transparency is the fastest way to a better future.”
About Architizer:
Architizer is a New York City based technology company that creates tools for the architecture industry. Its global portfolio site powers daily news, an international awards program, and a network marketplace that connects architects with building-product-manufacturers called Source. The company is backed by leading venture capital firm August Capital and works with industry leaders like ShoP, BIG, OMA, DuPont, Sunbrella, HP, Graphisoft and Microsoft.
