iConstruct aims to disrupt stuck-in-a-rut construction industry
By Digital News Asia October 15, 2020
- B2B marketplace seeks further investment to continue digitizing business
- Aims to strengthen its supply chain and invest more in technology
Operating since July 2019, B2B marketplace, iConstruct was founded by Taquiddin Tamunif and Hasif Ramli, who through their work as contractors had identified a gap in the industry. iConstruct is their answer in transforming the construction materials industry, connecting contractors with suppliers, creating a seamless process for both parties to buy and sell construction materials.
The founders aim to drive the inclusion of technology into the typically traditional industry, which continues to rely on contractors making countless trips to multiple suppliers throughout the course of a project, as well as dealing with materials arriving late at the construction site.
Together, these outdated ways of work are causing an increase in construction cost and delays in projects. iConstructs’s B2B marketplace provides a solution to these issues, which helps to save time and money for contractors.
“There was always a gap in the construction materials industry. Despite the skilled resources available, the industry never really embraced the benefits of technology. It was always a very traditional setup and that had to change,” says Taquiddin Tamunif, cofounder of iConstruct. “By exploiting that gap in the market, iConstruct has managed to quickly grow and convince various contractors and suppliers to join our online marketplace that helps to save time and money for their day to day operations,” he adds.
iConstruct’s rapid growth serves as a testament to its ability to disrupt the construction materials industry. Starting the business with a capital of US$4,800 (RM20,000), it has grown over 3500% since its inception, registering up to US$120,350 (RM500,000) in monthly GMV (Gross Merchandise Value), within the first 11 months. The four-person team has successfully hit 7-figure GMV in its first eight months of operation.
Instead of replacing brick and mortar stores that supply construction materials, iConstruct seeks to collaborate with them. Implementing the use of technology in an old school landscape, the marketplace offers a platform for contractors to easily get in touch with building suppliers, delivering a convenient and seamless experience for contractors to get their hands on construction materials, anytime and anywhere, even at the best price.
Contractors who are looking to source building materials, can simply, simply reach out to iConstruct via their Facebook page or website. iConstruct will then get quotations from suppliers. Similar concepts have already taken flight in the United Kingdom and the United States, with companies like SpecifiedBy and Vogueboard successfully addressing the critical need to digitise the building materials industry.
The company aims to strengthen its supply chain and invest more in technology, while cementing its marketplace as a game changer in the construction materials industry.
Recent events has also enabled iConstruct to continue to digitise the construction materials industry. With Covid-19 hitting brick and mortar businesses hard, this is the perfect time to pivot offline businesses into online marketplaces. This presents a clear opportunity for iConstruct to disrupt this traditional space, as contractors and suppliers are now forced to change their ways of sourcing and selling materials.
To continue its development, iConstruct is seeking to attract investment, allowing it to continue to transform the construction industry, as the company targets to achieve US$7.2 million (RM30 million) in GMV, next year. The investment round will be done via licensed equity crowdfunding platform, pitchIN. For more information on the investment offer visit https://equity.pitchin.my/businesses/stream-shop-sdn-bhd.