Kojo, a San Francisco, CA-based construction industry's leading materials management platform, announced the completion of its $39 million Series C funding.
The round was led by Battery Ventures, with participation from new investors Schneider Electric, RXR, and Bienville Capital. Existing investors, including 8VC, Suffolk Construction, Human Capital, AME, and BoxGroup, also participated in the round.
"Our mission is to make it faster, easier, and more sustainable to build the world around us." said Maria Rioumine, CEO and Founder of Kojo. "Supply chain disruptions and inflation have made it incredibly challenging to keep projects on-time and on-budget. With this new round of funding, we're excited to continue building best-in-class products that help contractors all over the U.S. save money, increase their productivity, and become more resilient."
Additionally, Kojo shared that Michael Brown, general partner at Battery Ventures, joined its board of directors.
Alongside the new round of funding, Kojo is launching new products to streamline further payments and project spend management. Contractors can reconcile their invoices and pay for materials directly on Kojo's platform, allowing them to track project spending accurately. With new distributor integrations, contractors can instantly see distributor pricing and inventory to make the best buying decisions.
Company: Kojo Technologiesc Inc.
Raised: $39.0M
Round: Series C
Funding Month: September 2022
Lead Investors: Battery Ventures
Additional Investors: Schneider Electric, RXR, Bienville Capital, 8VC, Suffolk Construction, Human Capital, AME, and BoxGroup
Company Website: https://www.usekojo.com/
Software Category: Materials Management platform
About the Company: Kojo, the construction industry's leading materials management platform, enables trade and self-perform general contractors to take control of their margins by consolidating the procurement process into one all-inclusive digital platform. By connecting the field, office, warehouse, accounting teams, and vendors, contractors gain visibility into real-time materials spending and usage, streamline workflows, and increase labor productivity. Contractors have access to a network of thousands of vendors to source the best prices and availability, find cost savings, and reduce material waste. Kojo is trusted by hundreds of contractors and utilized by thousands of construction professionals across the country every day. To date, Kojo has powered the construction of nearly 10,000 projects, including hospitals, schools, and multi-family housing projects, across 46 states. Despite the recent economic slowdown, Kojo has grown annual recurring revenue 3.5x yearly and expanded to serve all major construction trades. In the last 18 months, Kojo has seen a 12x increase in users and saved customers more than $19 million on their materials orders.
Source: https://www.prnewswire.com/news-releases/kojo-raises-39-million-series-c-to-accelerate-modernizing-the-construction-industry-301624113.html