Contech firms rake in funding
It’s no secret — demand for tech solutions is rising, as contractors feel the pinch of the continued labor crisis and look for programs that can give them an edge over their competitors while saving money and time.
For contech firms, it has led to higher interest, as investors see value. Last year, contech firms received nearly $5.4 billion in funding amid a tough economic climate.
Here are five firms that have recently raised millions while providing new solutions for contractors to use on jobsites.
Middle- and last-mile industrial delivery firm Curri raised $42 million in a Series B funding round, the company announced on June 6. Bessemer Venture Partners led the round, with participation from existing backers Initialized Capital, Brick & Mortar Ventures, Rainfall Ventures and others, according to the release.
Curri’s software platform offers end-to-end logistics services and its own fleet, according to the release. The company claims it moved over $1 billion worth of construction and industrial supplies across the U.S. last year for companies such as Ferguson, Winsupply and Sherwin-Williams.
With the funding, Curri plans to expand its sales and marketing efforts and add new features and functions to its platform.
Construction software design tool maker Augmenta raised $11.75 million in a seed extension round, the company shared in a release sent to Construction Dive. Venture capital firm Eclipse led the investment with participation from Hazelview Ventures, BDC Capital’s Deep Tech Venture Fund and Suffolk Technologies.
Augmenta says builders can use its platform to build virtual models of jobsites quickly. The models contain features such as clash detection and the ability to build multiple designs in parallel, according to the company’s website. Augmenta also links to Autodesk’s Revit. It currently offers features for electrical systems, and plans to include plumbing, mechanical, structural and automated prefab, according to its website.
Augmenta plans to double its team over the next nine months across engineering, sales and support, according to the release. Additionally, the company plans to launch commercial pilots with several electrical engineering firms currently participating in its formalized feedback program.
Construction planning software company Swapp announced $11.5 million in Series A funding on May 17, according to a press release sent to Construction Dive. Investment firm Eurazeo led the round.
Swapp’s artificial intelligence-driven platform streamlines the creation and management of architectural construction documents, according to the release. The company claims its product helps architects avoid errors and save time.
With the funding, Swapp plans to further develop its platform and expand its global presence in the architectural market, according to the release.
Visual scheduling and planning solutions provider Planera raised $5.4 million in seed funding, the company announced on May 17. Sorenson Ventures led the funding round, with participation from Firebolt Ventures and several prominent construction executives.
Planera positions itself as an alternative to the industry’s legacy systems and other scheduling tools, according to the release. It uses an online “whiteboard” interface combined with digital scheduling to give contractors a faster schedule generation process.
Planera’s CEO and founder, Nitin Bhandari, told Built In San Francisco that the company plans to use the funds to increase its investments into sales and research and development.
Construction software as a service management platform Plot raised just over $2 million in capital, the company announced on June 5. GroundBreak Ventures led the round. The fundraising also included a follow-on investment from Koch Industries, which initially funded the company in late 2021, which brings the total amount Plot has raised to just over $3 million, according to the release.
Plot’s platform creates a scheduling environment that contractors can use for tasks such as deliveries, navigation and inter-team messaging, per the company’s website.
In tandem with the new financing, Plot also launched a new lead time module that targets construction material ordering and shipment, according to the release.