SWAPP, a provider of automation software for architectural construction documents, has confirmed the closing of an $11.5m (c.£9.20m) Series A funding round.
With this funding, the Tel Aviv-based company has now raised a total of $18.5m (c.£14.8m) since it was founded in 2019.
The investment will enable the company to further develop its innovative platform and expand its global presence in the architecture market.
The Series A round was led by global investment firm Eurazeo.
Participating in the round was existing investor Entrée Capital, a venture capital firm specialising in early-stage investments in disruptive technology companies.
New investors joining the round included Activum SG Ventures, the venture investing arm of European real estate private equity fund; Activum SG; and XTX Ventures, the investment arm of algorithmic trading company XTX Markets.
Founded by serial entrepreneurs Eitan Tsarfati, Noam Gat, and Adi Shavit, SWAPP is headquartered in Tel Aviv with offices in Houston, Texas.
Tsarfati, co-founder and CEO of SWAPP, said: “We are thrilled to have the support of our investors as we continue to transform the way architectural construction documents are created and managed.
“The product we developed at SWAPP tackles the unfairness I faced as an architect on a daily basis: the excessive amount of time spent on creating intricate plans, rather than concentrating on the design aspect, and the lack of compensation for the many hours I spent on each project.
“Our main goal is to help our customers become more productive from the moment they start using our platform.”
Alice Besomi, Investment director at Eurazeo, said: “SWAPP has already made a significant impact in the architecture space, and we believe their innovative platform has enormous potential to drive further growth and efficiencies.
“We’re excited to support this team in their ambitious plans for global expansion.”
Eran Bielski, general partner at Entrée Capital, said: “We at Entrée Capital are proud to have led SWAPP’s seed round.
“SWAPP’s founders possess a unique combination of deep technology knowledge and a solid understanding of their market and clients’ needs.
“Their success in raising the round during such a challenging macro period is a testament to the company’s outstanding performance.
“The SWAPP team is making a significant impact on the real estate and construction industries, and we are excited to support their continued growth.”
SWAPP is a software company whose AI-driven platform automates architectural construction documents.
Image: The founders of SWAPP
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