Investment by venture capital firms and strategic industry leaders will enable StructShare to expand its procurement platform for the construction industry.
Austin, Texas - StructShare, the leading construction procurement and inventory platform for specialty contractors, has secured an additional $8 million in funding to solve chronic inefficiencies across the supply chain using digital tools and data analysis.
Other reports of the funding include: Tech Startups | finSMEs | VC News Daily
Arik Davidi, Co-Founder: “We are extremely proud of the team and look forward to continuing to facilitate the transition of efficient commerce in the construction industry. The fresh funding will help us to expand our platform and continue to scale our footprint in the US and beyond.”
The round was led by KOMPAS VC, a venture capital firm focused on the built environment and construction digitization. There was also participation by CEMEX Ventures, the corporate venture capital arm of the multinational building materials company.
Launched in 2021, StructShare has developed a contractor-focused software solution that enables trade contractors to take control of the entire procurement cycle. By automating all procurement processes in the field, office and warehouse, StructShare reduces costs and material waste, prevents purchasing mistakes, and enables full control over spend and inventory.
Procurement and material management plays a crucial role in ensuring construction projects are completed on budget and on time. The process is still largely manual and relies on emails, manual data entry and legacy accounting systems which can cost subcontractors over 5% of their total revenue on each project. StructShare automates the entire purchasing cycle by providing customers with end-to-end procurement and materials management workflows and data in a single cloud-based platform. This can be integrated seamlessly into the customer's existing project management and accounting systems.
Alongside the new round of funding, StructShare is planning on launching new products to further streamline and automate subcontractors procurement processes, enhance materials management capabilities and make the best buying decisions.
To date, StructShare has powered the construction of thousands projects, including office buildings, hospitals, schools, and housing projects, across 20 states as well as Canada and Australia. Despite the recent economic slowdown, StructShare has grown 3X year-over-year and expanded to serve all major construction trades.
StructShare established strong strategic relationships with leading players in the construction tech, finance, and supply chain industry, as well as leading contractor-focused associations. All, to build an integrated solution and reach the customers that need a solution.
Or Lakritz, Co-Founder, said: “We are excited to continue with our mission to help the people and businesses who are building our world thrive in this tough environment while transforming construction delivery, efficiency, and sustainability through best-in-class procurement management.”
Talia Rafaeli, Partner at KOMPAS, said: “StructShare has built a winning solution that has enabled the team to forge strong strategic partnerships and position the company as a category leader in the construction procurement space. Now more than ever, the movement and tracking of materials and components in construction is essential and can only be achieved through digital transformation solutions that promote greater sustainability. I am beyond excited to work with these inspiring founders and support this very necessary endeavor.”
KOMPAS is an early-stage venture capital firm with offices in Amsterdam, Berlin, Copenhagen, and Tel Aviv. The firm funds breakthrough innovations that accelerate the digital transformation and decarbonization of the building and manufacturing industries. KOMPAS partners with exceptional founders who disrupt the way buildings are designed, built and managed to eliminate emissions from building and manufacturing activity, reduce energy consumption, promote sustainable building materials, eliminate waste and support a circular economy. For more information, please visit www.kompas.vc