Construction tech company Extracker has raised a $5.3 million Series A, the company announced Tuesday.
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Extracker’s software helps general contractors, subcontractors and clients communicate and keep track of project costs and change orders in real-time.
CEO Cameron Page’s background is in construction, having studied construction management in college and worked in the industry. So he has firsthand knowledge of the challenges that come with communicating costs with subcontractors and clients as projects progress.
“The challenge, though, is that everyone has their own internal facing financial software … as a result it’s impossible to know where you stand in real-time,” Page said in an interview with Crunchbase News. He noted that the last project he worked on had 600 change order requests, all sent through email.
With design-build coming more to the forefront, contractors are entering contracts before the plans are totally finalized. That means the building process is more iterative and prone to change, Page said, and makes keeping track of changing costs more extensive.
Page started Extracker three years ago to digitize and streamline the experience, and reached out to his network from the construction industry. The startup, which is based in San Francisco, counts companies including Performance Contracting Group and Build Group among its customers.
Extracker was initially bootstrapped before the company raised about $1.5 million in a friends and family round. The Series A, led by Jackson Square Ventures, brings its total funding to around $7 million.
“It’s exceedingly rare to see a team that has deep construction expertise tackle a massive problem in a way that is truly win-win for all – including (general contractors), subs, owners, developers, and (construction management) firms,” Jackson Square Ventures partner Uri Pomerantz said in an email.
The company most recently saw its revenue grow 350 percent year over year, Page said, and will use the Series A to invest in its core product.
Construction tech has been in the spotlight a bit as of late, with construction management platform Procore going public this year and the sector raising nearly $1.5 billion so far in 2021.
Illustration: Li-Anne Dias
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