Construction startup raises $20M in round led by Fifth Wall
Assignar works with contractors to streamline the construction process
A Denver-based startup that hopes to streamline the construction process is getting backing from some big investors.
Fifth Wall Ventures led a $20 million Series B round for Assignar, whose platform is used by infrastructure contractors and subcontractors. Tola Capital and Ironspring Ventures also participated in the Series B. It had previously raised a total of $10.7 million in a seed round and a subsequent Series A round.
The company, founded in 2014, seeks to help construction firms cut costs by reducing back office work. The cloud-based platform tracks crews, schedules and equipment and streamlines that information on one platform.
Co-founder and CEO Sean McCreanor said the platform provides real-time data so that contractors can make better decisions, especially when it comes to managing subcontractors. General contractors have to meet safety and compliance standards, while at the same time overseeing the people working below them on various jobs and tasks.
“All of that is a logistical nightmare,” said McCreanor.
The company primarily targets contractors working on large government and private infrastructure projects in the United States, Australia, New Zealand and Canada.
The funding round will allow Assignar to scale up and double its team in North America, while also investing in R&D and product development.
McCreanor said he projects a wave of business to follow the Biden administration’s proposed $2 trillion infrastructure spending plan, which would modernize 20,000 miles of highways, roads, and main streets. It would also repair 10,000 bridges.
Fifth Wall has been among the largest investors in the real estate proptech space. The firm recently launched its third special-purpose acquisition company, or SPAC, to target proptech firms outside the United States. Fifth Wall’s first SPAC merged with home technology startup SmartRent in April.