Home » Aussie contech Mastt secures $9.5m in Series A funding

Aussie contech Mastt secures $9.5m in Series A funding

by Sion Geschwindt
Aussie contech Mastt secures $9.5m in Series A funding

Australian contech startup Mastt has secured $9.5m (£7.2m) in a Series A funding round led by OIF (Our Innovation Fund) Ventures.

Existing investors ArtesianSignificant Early Venture CapitalInvestible and Gravel Road Ventures also contributed to the oversubscribed round.  

The new funding comes just a year after the company closed a $2.2m (£1.6m) round. 

Mastt provides real-time reporting and data insights to some of the largest project owners & consultants in Australia, US, and the Middle East. This includes the likes of JacobsAureconAECOMWSP, and the Australian government.

The startup will use the funding to accelerate R&D, grow its product offering, expand its team, and reach new markets.

Doug Vincent, Mastt chief executive, said: “Construction in Australia is booming and will be very strong for the next decade. Even if no new projects were announced for years, local construction firms will be chock-a-block from here.

“In the last 12 months, we’ve achieved four-fold monthly recurring revenue growth and grown head count to over 40 team members globally, servicing over $25 billion worth of projects.”

“In the US and Middle East we have secured big name multinational clients without even having an international phone number, let alone a dedicated sales force. It was all word-of-mouth and inbound and product-led growth.

“We’re bullish on our growth overseas and are actively recruiting to grow the US and Middle East offices, which will take us to 70 staff by mid-2022.

“Although the US and Middle East are our key markets for direct sales over the next 18 months, we have plans to penetrate Europe and other regions via product-led growth channels later in 2022 and into 2023.”

OIF partner David Shein, who built Australia’s first “unicorn” tech company, ComTech Communications, added: “Construction is one of the least tech-enabled industries. As both the construction and tech industries grow we are very excited about their opportunity to increase technology take-up in the market.

“Mastt is a great example of market leading, industry standard Australian technology leading the world, and it’s a privilege to partner with them on this journey.”

Image: Mastt’s CTO David Jablonski (left), CEO Doug Vincent and co-founder Jamie Cerexhe (Credit: Edwina Pickles)

Read next: FBR, Liebherr partner to scale-up robotic brick-laying

Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.

Leave a Comment

Related News

Online building news, features and opinions

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More