KUALA LUMPUR, 6 October 2020 – iConstruct is transforming the construction materials industry. Identifying a gap in the industry, this B2B marketplace connects contractors with suppliers, creating a seamless process for both parties to buy and sell construction materials.
Operating since July 2019, iConstruct was founded by the skilled Taquiddin Tamunif and Hasif Ramli, who collectively have experience working as a contractor. The organisation is driving towards 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 major problems cause an increase in construction cost and delays in projects. Therefore using technology, iConstructs’s B2B marketplace provides a solution to these issues, which helps to save time and money for contractors.
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, at the best price.
For contractors who are looking to source building materials, simply reach out to iConstruct via their Facebook page or www.iconstruct.my . iConstruct will then get quotations from suppliers, to meet the needs of the contractors, based on their desired pricing and time. Similar concepts have already taken flight in the United Kingdom and the United States, with companies like SpecifiedBy and Vogueboard addressing the critical need to digitise the building materials industry, with great success.
iConstruct’s rapid growth serves as a testament to the company’s ability to disrupt the construction materials industry. Starting the business with a capital of RM 20,000, the organisation has grown over 3500% since its inception, collecting up to RM500,000 in monthly revenue, within the first 11 months. Additionally, despite only having a small team of four members, iConstruct has successfully transacted a 7-figure revenue in its first eight months of operation. Building on the rapid success, the company aims to strengthen its supply chain and invest more in technology, which will ultimately cement the marketplace as a game changer in the construction materials industry, throughout the country.
“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,” said Taquiddin Tamunif, the co-founder of iConstruct. “By exploiting that gap in the market, iConstruct managed to quickly grow and to convince various contractors and suppliers, to join our online marketplace that helps to save time and money for their day to day operations,” he added.
The recent series of events has also enabled iConstruct to continue to digitise the construction materials industry. With COVID-19 hitting hard on several brick and mortar businesses, this is the perfect time to pivot offline businesses into online marketplaces. Therefore, there is a massive 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 seeks to attract investment, allowing the innovative organisation to continue to transform the construction industry, at a grand scale as the company targets to achieve RM30 million in revenue, next year. The investment round will be done via a licensed equity crowdfunding platform, called pitchIN. For more information on the investment offer visit https://equity.pitchin.my/businesses/stream-shop-sdn-bhd.
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