NEW ORLEANS, Dec. 19, 2019 /PRNewswire/ -- Levelset, the platform that helps contractors get paid faster and eliminate cash stresses, announced an additional $30 million round of funding led by Horizons Ventures with participation from S3 Ventures, Altos Ventures, Operating Venture Capital, Michael Gollner, and Darren Bechtel of Brick & Mortar Ventures. Horizons Ventures' Bart Swanson will join Levelset's Board of Directors. Levelset has raised $47 million to date.
Cash pains are severe for millions of contractors across the world who exchange over $12 trillion dollars of payments annually. In a recent survey of contractors by Levelset and T-Sheets by Quickbooks, more than half of contractors stated they were not paid on time and had significant cash flow challenges, and more than 75% craved more transparency in the payment process. This is no surprise, given PWC's working capital studies in the past decade demonstrating that construction industry payment speeds are the slowest of all (83+ days).
Levelset helps contractors tackle this problem by making payment paperwork and compliance easier and monitoring jobs to deliver helpful insights to save time, speed up payment, and avoid problems.
"The effort required to get paid and the cash stress put on contractors is unbelievable," said Levelset CEO, Scott Wolfe. "The world's biggest industry is full of small and medium businesses that are the fabric of our economy. It's crucial that they can do their work without worrying about cash."
Levelset is on a mission to solve the payment problems that plague construction, and its help-first focus empowers millions of people each year to reduce payment stress and get what they earn. Levelset's software, vast library of free educational resources, data-driven payment insights, roster of payment and legal experts, and industry partnerships simplify the payment process to solve the cash problems that come with running a construction business.
"Levelset is solving an acute and important pain experienced by millions of contractors, and by doing so, has built an interesting and unique dataset about construction payment behaviors," says Bart Swanson from Horizons Ventures. "This gives more value to users, delivers more growth and, ultimately, empowers contractors to eliminate cash gaps and take on more work."
"Since day one, Levelset focused on the trade contractors, suppliers, and small businesses often overlooked in the construction technology race. These businesses are right in the thick of all the payment pains and cash strains that cost the industry big," said Bechtel. "Through these touchpoints, Levelset is now digitizing information, monitoring behaviors, and exchanging documents with every major contractor and on every major job in the United States."
Levelset plans to use its Series C financing to continue developing products that resolve payment and cash flow headaches for contractors, and to fuel its continued growth.
Since its first venture capital round in 2015, Levelset has secured funding from several top-tier national and international venture capital firms. The lead investor in Levelset's latest round is Li Ka-shing's venture arm, Hong Kong-based Horizons Ventures, whose representative investments include Zoom, Impossible Foods, Spotify, and the technology behind Siri. Other participating investors are based in San Francisco, Austin, TX, and London.
"Our customers want to spend their time getting new work and doing a great job, not chasing down payment and wrangling paperwork," says Wolfe. "We have the payment help they need, and our main focus is to continue delivering on that promise to our customers."
Levelset's mission is to empower contractors to always get what they earn. Levelset's products help millions in the construction industry each year to make payment paperwork and compliance easier, get cash faster, monitor the risk on jobs and contractors, and better understand payment processes and rules. The results are faster payments, access to capital, and fewer surprises. Backed by investors like Horizons Ventures, S3 Ventures, Altos Ventures, Operating Venture Capital, and Brick & Mortar Ventures, Levelset is headquartered in New Orleans, Louisiana, with offices in Austin, Texas, and Cairo, Egypt, and is over 200 employees strong. Learn more at www.levelset.com.
About Horizons Ventures
Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world's most innovative companies and disruptive technologies, including Spotify, Siri, Zoom, Improbable, Impossible Foods, and Perfect Day.