Flashtract, a cloud-based software company streamlining billing and payments for construction projects, has closed a $15m (c.£10.9m) Series A funding round led by Addition and Shine Capital.
The new financing will help Flashtract grow its team and rapidly scale its network of new contractors.
Despite relying on technology in the field, the construction industry is one of the last major sectors yet to effectively leverage technology to streamline and optimize office operations, the Flashtract said in a press release yesterday.
The startup aims to fill this gap through its software platform which is designed to save time and resources for contractors’ accounting and finance teams.
Lee Fixel, Addition CEO, said: “Flashtract is committed to maximizing value for its customers, offering an innovative, flexible and efficient solution for billing processes in the traditionally rigid construction industry.
“We were impressed by Flashtract’s significant growth, and we look forward to supporting the company as it continues to solidify its position as the billing solution of choice for the construction space.”
Blair Chenault, Flashtract CEO, said: “Construction professionals today are pulled in more directions than ever before, creating an overwhelming need for software solutions that optimise traditional processes.
“Our goal is to continue evolving our product to eliminate the silos that exist for general contractors and subcontractors. With many complex issues facing the construction industry today – including labor shortages and supply chain problems – payments and billing should be the last thing creating stress for these professionals.”
Image credit: Panumas Yanuthai/Shutterstock
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