DENVER, Oct. 23, 2018 /PRNewswire/ -- Assignar, an innovative construction operations management platform provider, announced today that it has raised $6.2 million USD in Series A funding, led by Tola Capital. Existing Investor, Our Innovation Fund, LP (OIF) also participated in the round.
Assignar is a cloud-based SaaS platform built for construction subcontractors and self-perform general contractors (GCs) to improve visibility into field operations; manage project scheduling including the workforce, assets and materials for projects; and ensure safety, quality, and compliance processes. While many subcontractors today rely on paper, Excel spreadsheets and single-point solutions to track people, assets, materials, certifications, orientations and forms, Assignar provides them with digital and mobile tools to enable project scheduling, job tracking, checklists, compliance, and communication; all in real-time. Today, the company supports hundreds of customers across the United States, Canada, Australia, and New Zealand.
Sean McCreanor, CEO of Assignar, founded the company to help solve the operational problems he faced in the construction business he owned and operated. After evaluating existing technology and not finding an ideal solution, McCreanor decided to develop a new operations platform, which now allows other subcontractors and self-perform GCs the capability to grow revenue, gain visibility into their operations, eliminate paperwork, digitize workflows, and improve overall efficiency.
"I experienced first-hand what it's like managing a subcontracting business and the frustration of not being able to easily get information on the business. Assignar gives owners, project managers, engineers, and superintendents direct value. They know whether the project schedule is on track and if an operator has the right training and credentials to operate the equipment or perform a task, they have visibility into the utilization of their labor and equipment in real-time, and they have a direct way to manage and communicate with their field teams," said McCreanor.
"We have chosen to partner with Tola Capital as they deliver both the capital and insight into our market as we grow Assignar and expand in the U.S.," said McCreanor. "It was clear they have a deep understanding of both the needs of the industry and the opportunity for Assignar."
"There is tremendous opportunity to impact the efficiency of subcontractors and self-perform GCs through software and data insights. By providing this visibility and connection to the work being done on jobsites, Assignar is offering a way to track, manage, and understand what is happening in the field," said Stacey Giard, Principal at Tola Capital. "We're looking forward to partnering with the team as they continue to scale globally."
Assignar serves the needs of heavy civil, road, rail, traffic, utility, and other types of construction contractors. The company's customers include those working on major civil projects across North America and the APAC region.
"Since we introduced Assignar, we have improved our overall efficiency. Our team is able to invest more time in business development and value adding tasks instead of admin and paperwork," said Nathan Thompson, operations manager at Stefanutti.
In late 2017, Assignar opened headquarters in Denver, Colorado to expand its team and presence in the U.S. market. The company will also be investing in its engineering and go-to-market teams in Sydney, Australia.
"We have seen Sean and the Assignar team build a meaningful business with strong growth as they serve the needs of the construction industry in Australia. We invested in them early on and are thrilled to continue to support them with this round, as we believe they are capable of being a global leader in the construction software market," said Jerry Stesel, a founding partner of OIF.
Assignar was founded in 2013 as a provider of construction operations management software for subcontractors and self-perform general contractors. The Assignar platform is a cloud-based SaaS platform built to help construction contractors improve by providing end-to-end, real-time management of a company's workforce, assets, safety and compliance. The company's clients operate in road, rail, civil, commercial, mining, oil and gas, infrastructure and other construction disciplines, and include companies like UGL, Lendlease, Sydney Trains and Liebherr, among others. For more information, visit www.assignar.com.
About Tola Capital
Tola Capital is a venture capital firm based in Seattle, WA that focuses on investing in the next wave of enterprise software companies. The firm provides both capital and hands-on engagement to support the growth of its portfolio companies. Tola Capital targets software companies with essential products for enterprise companies, a solid existing customer base, a strong competitive position, and great talent and culture. Tola Capital invests globally and across multiple stages. For more information, visit: www.tolacapital.com.
About Our Innovation Fund, LP:
Our Innovation Fund (OIF) is an Australian-based venture capital firm that is focused on partnering with exceptional entrepreneurs building world-class businesses. OIF invests in early-stage businesses with innovative, high growth or disruptive technologies or business models with demonstrated market demand. The firm's Founders, Geoff Levy AO, David Shein and Jerry Stesel, its partners, Investment Committee members, and investors are made up of leading entrepreneurs and proven business builders. The team has significant operational, strategic, investment and funds management experience. OIF is industry agnostic and invests across stages. For more information visit: www.ourinnovationfund.com.au.