Estonian tech start-up Remato has received around €1.4m (c.£1.2m) in seed investment funding from London-based Passion Capital.
The investment brings the total funding for Remato, which aims to revolutionise the management of frontline construction, to around €2.1m (c.£1.8m).
Additional investors in the financing round include founders and early team members of Pipedrive, along with venture funds Superangel, Lemonade Stand, Spring Capital, and Kaamos Group.
Commenting on the investment, Eileen Burbidge, partner at Passion Capital, said: “We’re very excited to be working with Remato.
“Their traction to date clearly validates the need for digital user experiences and platforms for the massive construction sector, which comprises 10% of the global economy.
“We look forward to supporting the team’s ambitions in the UK, across the rest of Europe, and North America.”
Founded in 2018, Remato seeks to streamline the construction sector’s transition from analog to digital.
Its proprietary software enables field contractors to better plan and manage budgets, labor, materials, and equipment in one app, which serves as a single source of truth.
Remato says its software provides “superior” situational awareness by enabling real-time collaboration for offices, field crews, and client representatives.
Developed by a team with global tech background in companies like Wise, and Booking.com, Remato is growing steadily at a rate of 10-15% month-on-month.
Its platform hopes to attract the global construction industry with a mobile-first user experience that focuses on ease of use.
Co-founder and CEO Madis Lehtmets said: “The construction industry needs simplicity and modern design to achieve the mass adoption of software.
“We believe that user experience should be much more of a priority, as frontline adoption depends on it.
“It helps the traditionally low-tech industry to go fully digital.”
Remato currently has hundreds of companies as customers in the Nordics and Baltics.
It says the latest investment has catalysed the company’s efforts toward capturing the UK’s construction market of around 2.7 million employees.
With a UK-based industry growth manager, Simon Gibbons, on board as an advisor, Remato is seeking a 2-3x growth rate by the end of the year.
As the platform grows, the founding team envisions a marketplace for its customers for collaboration, bidding, and leasing of labour, materials, and equipment.
Image: The Remato team. Credit: Remato
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