Construction tech company EstimateOne has secured $35m (£26m) in funding from Potentia Capital and Leigh Jasper to grow its tendering platform that connects construction firms and subcontractors.
EstimateOne was founded in Melbourne in 2008 by Michael Ashcroft and Andrew Ritchie, and has been used by over 50,000 organisations in Australia, New Zealand, the UK, and Ireland.
Ashcroft and Ritchie had been sole owners of EstimateOne, so the decision to find investors marks a dramatic shift in the company’s structure which began with the appointment of CEO Chris Dobbyn early last year.
Dobbyn led the capital raise process that now sees Potentia Partner Michael McNamara and its managing director Tim Reed join the EstimateOne board as directors.
Ashcroft commented: “As the construction industry is now at a turning point, driven by supply chain issues and labour shortages we recognise more than ever the value our platform offers, and that the business is ready to seek investment to deliver significant scale and growth.
“Procurement problems are very expensive for the industry and process execution and decision-making has not been well supported by technology. We want to change that.”
McNamara added: “We have been highly impressed by EstimateOne’s founders and management team, the exceptional workplace culture and calibre of talent, the care and thought that has been given to the company’s vision and values, and its strong market position.
“We believe the construction sector is on the cusp of significant tech-led innovation, and look forward to supporting EstimateOne grow its leadership position in Australia and offshore.”
Image: EstimateOne Co-Founders Andrew Ritchie and Micheal Ashcroft (Credit: EstimateOne)
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