Spring Capital Polaris, with a group of co-investors, are investing a total of 65 million euros over a three-year period in Catenda. The main shareholders after the final capital gain from Spring Capital Polaris will be: Founders and staff (ca 55 percent), Spring Capital Polaris (ca 35 percent), OBOS and Veidekke (ca 10 percent).
Catenda was established in Norway in 2009 as a spin-off from SINTEF. In 2013 they launched Bimsync, a collaboration platform that has since seen rapid market growth. Bimsync is currently available in 16 languages and has users in more than 70 countries. Several large international businesses now run all their projects in Bimsync. Notable examples are Bouygues Immobilier, one of France’s biggest construction companies; Egis, France’s largest consultancy firm with its metro and railway projects; and FC Barcelona, who are using Bimsync for the rebuilding of Camp Nou.
Bimsync is a cloud-based collaboration platform for construction and infrastructure. At its heart is the building information model (BIM), a key element in achieving a so-called digital twin. It keeps track of all data throughout the building, with all information made available to every stakeholders in real-time. Bimsync allows data-driven collaboration between all parties in a construction project, throughout the value chain and throughout the building’s lifecycle.
The construction industry is fragmented, and establishing effective workflows is complicated. Identifying whether you have the latest version of a document can be difficult and time-consuming, and completed buildings are often handed over with a huge number of PDFs. Bimsync has solved this in a simple and intuitive manner, making the 3D model central to the entire workflow. The open standards that are at the heart of Bimsync ensures that the customer owns their own data and that project owners and other stakeholders can easily keep control of them. This ensures greater cost efficiency and time savings in every construction phase.
“We’re very impressed with what Håvard and the team have achieved with Catenda so far. Catenda and the Bimsync product have huge potential in the US, where the market is a little behind what we’re seeing in Scandinavia. We’ve already presented the company to industry professionals in New York, and the reception was better than expected. So good, in fact, that three of them wanted to invest together with us. So we’re very pleased to be helping them scale up internationally, and especially in the US,” says Are Traasdahl, partner in Spring Capital Polaris.
“This investment provides an important stepping stone towards Catenda making our mark on a large and growing global industry. Norwegian BIM technology is world-leading, and with Bimsync we’d like to assume a visible and prominent position in the world of construction. We’re now much closer to achieving this,” says Bell.
Spring Capital’s focus area is working with Nordic software companies that are scaling up internationally, primarily in the US. They offer the skills and capital that companies need, and work with them closely to help them succeed.