Berlin-based construction tech company Cosuno has secured $30m (£22m) in a Series B funding round led by US equity firm Avenir Growth.
Spark Capital and Cherry Ventures, which led the Series A six months ago, also participated. This new funding brings the valuation to $150m (£110m).
The fresh capital will enable the startup for expansion into new European markets and boost product development.
Founded in 2019 by Christoph Berner, Fritz Cramer, and Maximilian Seifert (pictured), Cosuno has developed a SaaS platform that streamlines the process of procuring and tendering for subcontractors.
According to the company, the platform makes it easier for users to get more bids on tenders, save time in the procurement process and optimise award margins.
Cosuno claims that by using the platform’s cloud solution instead of email, phone, and Excel spreadsheets, the time saved amounts to about 60% and the profit margin is 18% higher on average.
Fritz Cramer, Founder and Co-CEO of Cosuno, said: “In this next chapter for Cosuno, we can be even more dedicated, more focused, and much faster in moving the construction industry towards a digital future.”
Image: Founders Christoph Berner, Maximilian Seifert and Fritz Cramer (Credit: Marko Priske)
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