Despite launching in January 2020 and scaling a construction-focused startup during two years of global uncertainty, Atlanta-based Flashtract seems to have built a solid foundation.
The team is starting off 2022 with a $15 million Series A round, according to the startup’s website.
The round was led by Addition and Shine Capital, both based out of New York.
Addition was part of Nashville’s Built Technologies Series D round last September and has also invested in Atlanta-based Relay Payments.
CEO Blair Chenault says Flashtract is designed to “eliminate the silos that exist for general contractors and subcontractors” and move the industry beyond Excel and handwritten checks.
“That said, construction technology is a rapidly expanding space with a need for easy-to-use tools. Billing, in particular, hasn’t seen much advancement over the last 20 years, so we created a scalable tool that solves those challenges for contractors and can seamlessly integrate alongside the existing tools they use today. We’ve been able to do in 18 months what has taken others 20 years to achieve, and then some,” he told Hypepotamus.
“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,” Chenault added in a press statement.
Flashtract’s payment and billing software is designed to ensure subcontractors get paid faster and general contractors stay on top of necessary documents throughout the life of the project. Current software integrations include Sage 300, Procore, and Vista.
The Flashtract team is currently up to 32 employees and plans to expand headcount with this Series A funding.
For now, Chenault told Hypepotamus that he is confident in the state of the ConstuctionTech scene in Atlanta and the Southeast. “The talent pool in Atlanta is strong, as we knew we would be building a robust team, not only from a product development perspective, but also with our revenue team. Having access to a talent pool that contains world-class hires from all of the functions we need to grow and develop was a no brainer. Additionally, the construction market in Atlanta, as well as the southeast, is incredibly strong. We’ve benefited from being geographically situated in the way that we are, and are looking forward to continuing to develop these markets more fully,” he added.
It’s been a busy few months for local startups innovating in the construction space. Cove.tool, an Atlanta-based startup sitting at the intersection of construction and sustainability, snagged a $30 million Series B investment from Coatue, Footprint Coalition, and others.
Construction software giant Procore also acquired New Orleans-based LevelSet in a $500 million deal in October of 2021. Other impressive ConstructionTech deals from last year include North Carolina’s Prescient ($190 million round), North Carolina-based Higharc’s ($21 million Series A), and Chattanooga’s Branch Technologies ($11 million funding round).
