OMERS Ventures—the venture capital investment arm of OMERS—has invested $16 million in BuildDirect.com, an e-commerce provider for heavy weight building materials.

The company said it will use the investment to accelerate growth, expand its team and provide a more extensive product line for customers.

“We’re attracted to the opportunity BuildDirect has created to capitalize on the untapped potential of the e-commerce market, as well as the future growth of both the building supply market and adjacent categories,” said Derek Smyth, managing director of OMERS Ventures.

As a lifecycle investor with significant assets, OMERS Ventures has the ability to be a long-term partner to its investee companies.

BuildDirect’s customer base has almost doubled in the last 12 months.

“The momentum we’re seeing with new and repeat customers will carry us way past last year’s performance,” said Jeff Booth, president and CEO of BuildDirect. “The OMERS investment is going to help catapult us into a huge growth and expansion stage.”

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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