California software startup BuildOps plans 290-person office in downtown Raleigh
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BuildOps, a California-based startup that makes software for commercial contractors, such as HVAC and plumbing companies, plans to open a 290-person office in Raleigh.
Why it matters: At a time when the tech industry has pulled back on hiring, BuildOps' new Raleigh hub will both create new opportunities for local workers and provide a shot in the arm for the city's recovering office market.
- This will be the company's third hub in addition to Los Angeles and Toronto.
Driving the news: BuildOps' expansion into Raleigh was revealed at the state's Economic Investment Committee meeting on Tuesday morning, when the state voted to award the company incentives to expand here.
- If it meets hiring and investment goals, BuildOps would be eligible for state and local incentives worth around $3 million through 2037.
Zoom in: Founded in 2018, BuildOps' platform helps commercial contracting companies manage their fleet of employees in the field, schedule dispatches, handle payments and tackle a variety of other tasks.
- In March, BuildOps raised $127 million from investors, giving the company a valuation of $1 billion, according to TechCrunch.
Details: BuildOps plans to hire across all positions, from customer success and sales to development roles.
- The average wage is expected to be around $110,000, according to the state's Commerce Department.
- BuildOps expects to ramp up hiring between 2025 and 2029.
- Raleigh was competing with Austin for the hub, according to a presentation from the Commerce Department.
What they're saying: Steve Chew, a co-founder of BuildOps, told Axios that the company has not yet signed a lease for an office but wants to be in downtown.
- The company operates a hybrid in-office schedule, he added, so the focus will be on hiring people who can come into the office two to three times a week.
The company is hoping to aggressively expand on the East Coast, according to Chew, and Raleigh's talent concentration and cost of living stood out among other cities it considered.
- "One of the big drivers for our decision to open the office in Raleigh was just the wealth of university talent in the area," he said, noting the company had encouraging meetings with N.C. State and other local education institutions.
- "I think it's very optimistic for us to be hiring aggressively at this stage when a lot of other companies are cutting costs and hunkering down," he added. "It makes it more competitive for job seekers, but I think that's an advantage to us, because we now are able to leverage an office like Raleigh to attract the best talent."