San Francisco-based Fieldwire, a leading field management solution for the construction industry, has announced an additional $33.5m (£28.4m) in fresh funding.
Fieldwire bridges the gap between the office and the job site by allowing everyone involved in a construction project to track and coordinate work from any device.
The platform ensures proactive responses to all things related to quality, safety and scheduling. By streamlining communication, Fieldwire claims it saves its users – project managers, engineers, and craft workers – more than an hour a day per person on average.
The funding injection has been led by Menlo Ventures with follow on investment from Brick & Mortar Ventures and participation from Hilti Group and Formation 8. Menlo’s Tyler Sosin will join Fieldwire’s board of directors alongside current board member Darren Bechtel. Fieldwire has raised $40.4m (£32.3m) to date.
“Fieldwire combines an efficient ‘bottom-up’ distribution engine with a unique capacity to expand customers from small crews into large enterprise deals,” said Tyler Sosin, partner at Menlo Ventures. “The result is a cash flow positive company with a really strong growth rate; something we rarely find in the wild but are delighted when we do.”
Already used across more than 500,000 projects worldwide, Fieldwire claims its platform brings a unique focus on labour coordination to help drive productivity onsite. This field-first focus has led to rapid expansion over the past two years, with Fieldwire winning company-wide agreements with some of the largest construction companies in the world, including Built (Australia), Clark Construction Group (US) and EllisDon (Canada).
“Construction represents 10% of the world’s GDP, but this immense market is still in its digital infancy,” said Darren Bechtel, founding partner and managing director of Brick & Mortar Ventures. “Traditionally, construction software has been sold top-down and has only impacted a fraction of construction professionals. By focusing on the craft workers and subcontractors, Fieldwire is deeply changing the way construction works from the field up.”
Fieldwire plans to use the funds to fuel research and development as well as to further international expansion. The company has expanded beyond its San Francisco headquarters, opening offices in Phoenix, Arizona and Paris, France. The growing start-up plans to open an additional office in Australia before the end of 2019 and expects to hit 150 employees by summer 2020.
“Our customers face two distinct challenges: finding technology that actually gets adopted in the field, but also forming long-term partnerships with companies that can grow with them and deliver enterprise-level service,” said Yves Frinault, CEO at Fieldwire. “Being a great partner in this industry is often rewarded with deep customer loyalty, so our main goal is to stay equally nimble and customer-focused as the company grows.”
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Image: Fieldwire was used on the $500m Loma Linda University Medical Center in California (www.fieldwire.com)