French scaleup Saqara has raised $10.6m (c.£7.6m) in the largest ever French Series A Contech fundraising round.
The digital construction and infrastructure bid-management platform says it will use the investment to accelerate its international expansion into Germany, Netherlands, UK, and southern Europe.
Saqara also aims to broaden its product suite and platform, with plans to launch a new Tunisian strategic hub to accelerate its MENA footprint.
The investment round was led by Europe’s largest proptech venture capitalist, A/O PropTech, along with participation from Activum SG, Caisse des Dépôts et Consignation, Concrete VC, and Leigh Jasper.
Saqara says its expansion will help digitise and simplify the procurement process, which should drive efficiencies and transparency in the UK construction sector.
Commenting on the recent developments, Alexandre Brochot, president of Saqara, said: “We are delighted to welcome new partners and to work towards building tomorrow’s world together.
“This financing round will be indispensable to our goal to continuously innovate and develop our products and to offer our current and future clients an unrivalled quality of service and user experience that will fully meet their expectations.
“We will also be able to accelerate our international growth by expanding to four countries annually.”
Othmane Zrikem, chief data officer of A/O PropTech, said: “We are extremely proud to lead Saqara’s Series A as it expands into the UK, Germany, and North Africa.
“We have been impressed by Saqara’s core product which has processed over €18bn of construction and infrastructure tenders since 2018.
“Saqara is the leading European ConTech platform for bid management process and we are excited about the new products currently under development which will help further revolutionise the construction industry going forward.”
Gabbi Cahane, partner at Activum SG, added: “From the outset it was clear that Alexandre and Thomas had the perfect combination of domain expertise, technical savvy and outrageous ambition to build something genuinely transformative for the construction industry.
“In a short space of time, they’ve built Saqara into an indispensable tool that streamlines, standardises and supercharges the entire tendering process for everyone involved.”
In the French construction market, Saqara has over 4,500 projects launched on its platform since 2018, totalling over €18bn of construction and infrastructure works.
It has around 120 employees who support over 500 clients, 50,000 users and over 25,000 referenced contractors.
Image: everything possible/Shutterstock
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