Small and medium-sized construction businesses in Europe and the U.S. tend not to be run on digital platforms, leaving a $1.6 trillion industry relatively untouched. Publicly listed Procore (NYSE: PCOR) is the go-to platform for large general contractors, but newer startups are going for this SMB construction market such as SiteMax, Sitemate, FieldLens and Fieldwire.
Now, the Remato construction management platform is joining them with a $1.7 million seed investment round, led by London-based Passion Capital.
Additional investors in the financing round include founders and early team members of Pipedrive along with venture funds Superangel, Lemonade Stand, Spring Capital and Kaamos Group (a long-standing property developer and general contractor). The new investment brings Remato’s total funding up to $2.5 million. Remato currently has customers in the Nordics and Baltics.
Founded in 2018, Remato says its platform allows field contractors to plan and manage budgets, labor, materials and equipment in one app. The company says it is growing steadily at 10%-15% MoM with a mobile-first user experience and now has 1,700 daily active users.
Co-founder and CEO Madis Lehtmets said: “The construction industry needs simplicity and modern design to achieve the mass adoption of software. We believe that user experience should be much more of a priority, as frontline adoption depends on it. It helps the traditionally low-tech industry to go fully digital.”
Eileen Burbidge, partner at Passion Capital, said: “We’re very excited to be working with Remato. Their traction to date clearly validates the need for digital user experiences and platforms for the massive construction sector, which comprises 10% of the global economy. We look forward to supporting the team’s ambitions in the U.K., across the rest of Europe and North America.”