Construction Software Co. Raises $5 Million in Series A Round
Source:
SDBJ.com, By Sarah De Crescenzo - Thursday, December 22,
2016
San Diego startup
eSUB Construction Software has raised $5 million in a Series A financing from
Washington, D.C.-based firm Revolution Ventures, the company announced this
week.
ESUB’s mobile and cloud-based project
management tools are used by construction subcontractors.
Industry veteran Wendy Rogers, CEO,
launched the software platform to help subcontractors reduce costs by more
effectively tracking their labor in the field. Rogers said subcontractors use
the software to document the changes that occur, which helps ensure they are
paid for the extra work.
“Subcontractors don’t get paid for
the work they do, they get paid for the work they document,” she said.
Bobby Ocampo, a partner at Revolution
Ventures, said eSUB is “revolutionizing the enormous subcontractor market that
has yet to be adequately served by technology.”
ESUB raised a $750,000 seed round in
January 2015 from a trio of investors: Raymond Levitt, The Investor Group, led
by Sheldon Lewis, and the Stanford Farmers Investment Club, a group of Stanford
professors that make angel investments.
The San Diego startup, which said its
revenues have grown by more than 400 percent since 2013, plans to use the new
round of financing to hire more than 40 new employees to bolster the company’s
sales, engineering, customer service and marketing efforts.
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