BuildOnline, an Irish-based software company which develops applications for the construction industry, has raised £10 million sterling (#16.1 million) and signed two important deals in the UK.
The funding was supplied by a new investor, ETF Group, as well as BuildOnline's existing investors, which include Goldman Sachs and Viventures - the venture capital arm of Vivendi.
It follows a $16.5 million (#18.7 million) second-round investment completed last year.
It also follows a $2 million initial funding round in 1999, which involved, among others, an Irish venture group, Delta partners.
Mr Mark Suster, chief executive of BuildOnline, said yesterday the fresh investment would bring the company through to profitability by first or second quarter 2002.
The investment coincides with news that the firm has clinched a deal with Balfour Beatty.
Balfour Beatty is one of the UK's largest contractors, with annual turnover exceeding £2.5 billion sterling.
Balfour Beatty will roll out BuildOnline's software to improve its operating efficiencies. In addition, BuildOnline has signed a strategic alliance with BT to deliver online services to the construction industry throughout the UK.
The deal with Balfour Beatty is expected to enhance significantly the revenue BuildOnline generates from its TradeOnline product.
TradeOnline is a web-based purchasing tool for buyers and sellers of construction materials.
Some 80 per cent of BuildOnline's revenues were generated from its ProjectsOnline and TendersOnline products.
However, this will change as Balfour Beatty persuades its customers to use the product, according to Mr Suster.
BuildOnline was founded by Irish entrepreneur and qualified architect Mr Brian Moran.
Last month Jupiter Research group said BuildOnline was one of the top 10 online European business-to-business markets best placed to succeed.
