Raken Raises $2 Million to Accelerate Product Development
Leading construction reporting, compliance and project visibility SaaS application announces capital investment led by Rincon Venture Partners
SAN DIEGO, March 3, 2017 /PRNewswire/ -- Raken, the top rated software for construction site reporting, has received $2 million through a capital investment led by Rincon Venture Partners, with participation from Eniac Ventures and Spider Capital.
Founded in 2013 by CEO Kyle Slager, Raken is a reporting, compliance and project visibility SaaS application for the construction industry. Raken web and mobile apps are built to provide never before seen project visibility and save time spent performing reporting and compliance activities associated with construction projects. Even though both the mobile and web platforms are designed to provide identical functionality, they are built with different audiences in mind. Mobile apps are targeted toward superintendents and job foremen, whereas web apps provide overall project visibility to project managers and project engineers. As such, each platform is uniquely positioned to provide maximum value to the intended user achieving ideal compromise between speed and value.
"We partnered with three of the top seed investors in the country within the business-to-business and mobile space," said Dr. Sergey Sundukovskiy, CTO/CPO and co-founder of Raken. "The investment will help Raken accelerate product development to meet rapid customer growth."
Raken currently has more than 2,500 clients in 13 countries and is now adding over a hundred new customers every month.
"Kyle and Sergey make a formidable team," said John Greathouse, managing director of Rincon Venture Partners. "Their combination of domain expertise and technological excellence frankly made my investment in Raken blindingly obvious. I look forward to the coming years, as the company builds upon its intuitive, mobile construction platform and dominates the construction software market."
Raken has found a strong product market fit with extremely high customer satisfaction, evidenced by almost non-existent churn. This infusion of seed capital will help Raken continue to support its growing customer base and further product development. With a release of sub-collaborator workflow, Raken has achieved viral peer-to-peer distribution and expects to capture "early-majority" in 2017.
"Spider Capital backs outstanding product visionary founders, and we are thrilled to partner with Kyle and Sergey," said Michael Neril, founder and managing partner of Spider Capital. "We believe Raken's mobile, cloud-based platform is poised to transform how construction and project management gets done, replacing pen and paper with a set of tools built for the mobile workforce."
Customer satisfaction is a key uncompromising measure for Raken. The company's unique experience in technology and construction allows it to bring mobile, user-friendly experiences to construction companies. According to Dr. Sundukovskiy, they always build for the customer first and use client feedback to drive product choices. Instead of making far-reaching product decisions in isolation, Raken employs close-loop qualitative and quantitative client studies to drive significant product features and usability choices.
"At Eniac Ventures we have always focused on technologies that are not just innovative, but also transformative," said Tim Young, founding general partner of Eniac Ventures. "With Raken, Kyle and Sergey have created a mobile platform that provides efficiency and simplicity never before seen in the construction world."
"Technology within the construction industry is antiquated, and investment in tech has lagged other industries by a wide margin, but we are seeing that dynamic quickly changing," said Slager. "Companies investing in mobile solutions to everyday workflows are more profitable, and that message is spreading through the industry.
"It's an exciting time in construction," he added. "This investment will allow us to improve what our customers love and add new features our customers have been asking for. In addition, we'll be able to hire ahead of schedule to maintain unmatched customer service."
Raken is the software of choice for many of the world's best construction companies. For more information about Raken, visit www.rakenapp.com.
About Raken
Raken, named the #1 daily reporting app at AGC National, has revolutionized daily reporting in the construction industry. Raken provides customers innovative mobile technology that creates professional company branded daily reports automatically from inputs made throughout the day by superintendents and foreman. Project managers can access an executive dashboard to view updates from the job site in real-time, including safety and delay notifications via text message and email. To find out more, visit www.rakenapp.com or call 866-438-0646.
MEDIA CONTACT:
Heather Ripley
Ripley PR
865-977-1973
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SOURCE Raken
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