Extracker, a California-based startup that has developed what it claims to be the construction industry’s first ever change order communication platform, has raised $7m (£5.5m) in a Series A funding round.
Leading the round is Cloud Apps Capital Partners, joined by the construction tech veterans at Building Ventures, and follow-on investment from Jackson Square Ventures who led the previous Seed round in June 2021.
Joining the board is Andy Stinnes, general partner at Cloud Apps Capital Partners, and Jesse Devitte, co-founder and general partner at Building Ventures.
Extracker says that its software addresses a “massive pain point” in an industry that still tracks 99% of over $150bn (£119bn) in project change orders on paper, email, and static spreadsheets.
The startup says it has helped contractors efficiently process and eliminate surprise costs on over $2.2bn (£1.7bn) in Change Orders and T&M Tickets to date.
Allen Preger, Building Ventures Partner, explains: “Change orders can make or break a project and put at risk the trust between contractors, owners, designers and subs.”
Preger, himself a construction technology veteran, says he is excited to back the Extracker team, and looks forward to seeing what lies ahead for the company.
Andy Stinnes, who led the investment round, sees a substantial opportunity in the construction technology SaaS platform: “Extracker can emerge as an industry utility in global construction, connecting all the players as the backbone for modern, mobile collaboration to unlock over $20 billion in shared value.
“We have personally seen this very model play out in both the supply chain and B2B payments markets and know how incredibly valuable and irreplaceable such Industry Utility SaaS companies will become.”
Over the past year, Extracker has doubled its paying customers and is proud to have built a platform that supports construction companies of all sizes and across every single trade vertical, it says.
Cameron Page, founder and CEO of Extracker, says the company will use the fresh funding to “expand its integrations” to project management and accounting systems like Procore, CMiC and Sage, to “seamlessly sync CORs and T&M Tags into all stakeholders’ systems-of-record.”
“Given the speed and accuracy of Change Order information being collected in our platform, we are excited about the powerful reporting and analytics engine that will harness never-before-captured data our industry leading customers are collecting about their projects,” he added.
Image: Cameron Page, founder and CEO of Extracker (credit: Extracker)
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