BidaFi

Get Real-Time Bids on Home-Improvement Projects

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Company Information

Website:

https://www.bidafi.com/

Sector:

Real Estate

Location:

Pasadena, CA

Transparency, confidentiality, automation — these are the demands homeowners have when seeking contractors to complete home-improvement projects.

BidaFi makes this possible through its proprietary automated bid chain, what the company calls “the ABCs of home improvement.”

Using BidaFi, homeowners can receive bids in real time on jobs, while contractors can save time by dealing only with serious potential customers.

This is an enormous opportunity. Home improvement is a $200 billion market, which includes the $120 billion heating and air conditioning sector, fifty-six-billion-dollar roofing sector, and thirteen-billion-dollar insulation sector.

But right now, there’s no way for consumers to go online and get real bids for these types of projects. Consumers typically put their personal information onto a website, which is then sold multiple times to contractors and marketing companies.

Furthermore, homeowners receive conflicting bids, and often have to compares “apples to oranges.” One contractor may be certified to install a manufacturer’s product, and therefore try to sell that product.

The current setup is problematic for contractors, too. They have to pay for every lead sent to them, even if someone isn’t a serious customer. This wastes time and money.

BidaFi offers a solution. Here’s how it works:

The process starts with product manufacturers/suppliers that join BidaFi for a monthly fee. These suppliers bundle together material for various installations and repairs. Contractors, who also pay a monthly fee to join the platform, pre-select the bundles they prefer to offer in their areas and add any labor/profit costs to arrive at the total installation price.

When a homeowner enters their zip code and answers a few basic questions about their project, BidaFi calculates the contractor’s price and a bid is automatically generated. Homeowners can then review bids and secure project financing if they need.

Once the homeowner selects a bid, BidaFi requests their contact information to populate a preliminary contract between them and the contractor. The homeowner can then schedule an appointment with the contractor and go over any questions or details. Then the final contract can be signed.

Finally, a purchase order is automatically generated and sent to the supplier. At the same time, an engagement letter is sent to the lender, and a copy of the final contract is sent to the homeowner, contractor, and BidaFi. This also triggers BidaFi’s bank to set up a payment account for homeowners who are financing.

BidaFi ensures that homeowners get real pricing on projects. They can also shop for material type and quality. And because contractors bid on those specifications, homeowners know they are comparing similar bids.

Notably, homeowners’ personal information isn’t necessary while receiving bids. Only when they’re ready to move forward with a bid is their information required.

BidaFi generates revenue from multiple sources. As mentioned, both suppliers and contractors pay a monthly fee to access the company’s platform. BidaFi also collects a percentage of the final sale of the project price from homeowners.

BidaFi has completed a working model of its platform and is undergoing beta testing.

Team Background

Tim Thornton - Co-Founder & CEO

Tim is a third-generation architect who previously worked for a home-energy improvement company, where he saw how consumers were not given adequate information during their purchase. This was the inspiration for BidaFi.

Prior to starting the company, he spent nearly five years with Proximity Marketing Corporation, serving as President and CEO. Before that, he held the same roles with Package Security Systems, a security and investigations company.

In addition to his role with BidaFi, Tim is a consultant to several medium- and large-construction companies. He holds a Bachelor’s degree in Business Administration from Azusa Pacific University.

Ken Rhinehart - Co-Founder & COO

Ken gained knowledge of the home-improvement market through his twenty years in real estate. In addition to his role with BidaFi, he is a regional chairman of the Foundation for International Blockchain and Real Estate Expertise, a real-estate technology company.

Previously, he was a senior advisor with SVN International Corporation, a commercial-real-estate company.

He earned a Master’s degree in Industrial Psychology from California State University, Long Beach.

Alec Ortiz - Software Developer

Alec has an extensive software-development background. In addition to his role with BidaFi, he is an associate engineer with Northrop Grumman, a defense contractor. Previously, he worked at Northrup as a military and civil-space engineer.

Alec began his career as a software engineer with Mercury Security, a software-development company. He earned a Bachelor’s degree in Computer Science from California State Polytechnic University-Pomona.

Raising
$250K
Committed
$10K (4%)
Current Valuation
$5 million
Min. Investment
$100
Deal Type
Title III
(For all investors)
Offering Type
Equity
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