Small and medium-sized construction companies in Europe and the United States tend not to operate on digital platforms, leaving a $ 1.6 trillion industry relatively untouched. Publicly traded company Procore (NYSE: PCOR) is the platform of choice for large general contractors, but new startups are turning to this SME construction market such as SiteMax, Sitemate, FieldLens, and Fieldwire.
Today, construction management platform Remato joins them with a $ 1.7 million seed investment round, led by London-based Passion Capital.
Other investors in the funding round include the founders and early team members of Pipedrive as well as venture capital funds Superangel, Lemonade Stand, Spring Capital and Kaamos Group (a longtime real estate developer and general contractor ). The new investment brings Remato’s total funding to $ 2.5 million. Remato currently has clients in the Nordic and Baltic countries.
Founded in 2018, Remato claims that its platform enables field contractors to plan and manage budgets, labor, materials and equipment in a single application. The company says it is growing steadily at 10% to 15% MoM with a mobile-centric 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 mass adoption of software. We believe user experience should be much more of a priority, as frontline adoption depends on it. It helps the traditionally low-tech industry go fully digital. “
Eileen Burbidge, Partner at Passion Capital, said: “We are very happy to be working with Remato. Their traction to date clearly validates the need for user experiences and digital platforms for the construction industry, which accounts for 10% of the global economy. We look forward to supporting the team’s ambitions in the UK, the rest of Europe and North America.