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The construction industry, in particular, has largely been behind on the technological advancement front. The biggest attributor to this static behavior of the industry was the reluctance on the part of the companies to adopt technologies, preferring to wait for competitors to do so. Nevertheless, the Covid-19 pandemic has affected the way operations are carried out in the construction industry around the globe.
Singapore, in 2019, long before the pandemic, took a major step towards digitization to bring transformation to the construction industry. In the same year, the Building Construction and Timber Industries Employees’ Union (BATU) of the country signed an agreement with infrastructure consultancy company Surbana Jurong to train around 630 staff on digital construction techniques. This was a pioneering step for the Singaporean government to transform the construction industry. Furthermore, Singapore’s Housing and Development Board (HDB) announced in September 2019 that it would be using artificial intelligence (AI) and drones to make construction and building maintenance safer.
Singapore is a high-growth market, and therefore several construction companies are diving into the digital space riding the digital push. Furthermore, the pandemic made the shift swifter and thus, helped in the upliftment of the construction sector as a whole. Specifically, digital technologies are the only resort to enhance connectivity and integrate all construction processes using multiple technology solutions. Therefore, banking on digitization, many innovative construction start-ups have entered the space to expand their market share in Singapore. For instance,
Kolo App Pte Ltd (Kolo), a home construction app, which is headquartered in Singapore, raised US$4 million led by RTP Global and existing investor Better Capital in May 2022. It is a start-up by ex-GoJEK employees, the Southeast Asian unicorn, to provide a social-first digital platform for homeowners to construct their homes.
The founders forayed in a known yet vital space, home, a high intent, at times the once-in-a-lifetime purchase of a person. This Singaporean start-up expanded in India since Indians have a strong passion for building their homes. However, in most cases, they cannot find the right professionals, designs, materials and workers in their desired budget.
Since home buying is a social activity, people go through huge volumes of content and interact with their family, relatives, and service professionals before making the purchase decision. Therefore, the start-up strategized to provide a one-stop destination to help homeowners so that they can build their dream home without hustle.
Kolo had grown five times in 2021 and saw strong engagement among homeowners and service professionals and also, have received a lot of interest for paid products from service professionals. Thus, it is expected that this innovative start-up will see significant growth through its support to the people in their entire home construction journey over the medium to long term perspective. Kolo will use this fresh fund to accelerate its continued growth and enhance the consumer side of product offerings, including the content-recommendation engine and the community offering, expanding its presence across India.
To know more and gain a deeper understanding of the construction market in Singapore, click here.
