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 Artesian, Significant Early Venture Capital, Investible 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 Jacobs, Aurecon, AECOM, WSP, 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)
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