Teamoty, a French startup that has developed a software tool to streamline construction site planning and logistics, has raised €3m (£2.7m) in a funding round led by LBO France, through its proptech impact fund NewStone.
The round also saw participation from Rise PropTech Fund and BTP Capital Investissement.
The fresh funds will be used to accelerate the growth of Teamoty’s software suite in the French and European markets.
Founded in 2018, Teamoty has developed a software suite capable of digitising site logistics and thus enabling construction professionals to better control costs and deadline management, to improve project productivity, and to reduce the environmental impact of sites, it said.
The startup says that, in the construction sector, nearly 80% of projects are delivered late or end up over budget due to management tools that are not adapted to the complexity of the sites.
To overcome this problem, Teamoty has adopted Lean Construction techniques, which optimise the management of construction sites using collaborative management tools.
Lean construction is a project delivery process that uses lean methods of maximising stakeholder value while reducing waste by emphasising collaboration between teams on a project.
The aim is to create value and save resources: build faster, better and at lower cost.
Now Teamoty plans expand internationally and to allow the use of the software suite on all types of projects, in new construction as well as in rehabilitation, for housing as well as for offices, and in the context of public works or civil engineering.
Fabien Font, co-founder and CEO of Teamoty, said: “Over the past 3 years, we have proven that the way projects are planned and organised should and can change.
“With the help of our shareholders, we will be able to deploy our solutions more widely in Europe and accelerate their commercialisation.
“Our strategy is completely in line with the environmental challenges that are driving the construction industry to optimise resources on site while improving productivity and efficiency in the construction process.”
Stéphanie Casciola, managing director of LBO France and in charge of the real estate and proptech business, said: “With Teamoty, we are making our third investment in NewStone, our impact fund dedicated to Proptech.
“After ZePlug in the energy transition and Hosman in digital transactions, Teamoty addresses a key issue in the construction industry by enabling better resource tracking and supply chain optimisation.
“LBO France will mobilise all of its experience in impact and its broad knowledge of the real estate sector to accelerate the development of Teamoty, a promising investment that allows us to project ourselves into a sustainable future.”
Image credit: Teamoty
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