QuoteToMe raises $2.5m in construction-focused Venture Funding
QuoteToMe, which is digitizing the construction industry’s procurement and financial processes, today announced it has funded a fully subscribed VC investment round of $2.5 million (CAD).
The company reports funding commitments even beyond the $2.5 million and confidently expects to announce additional fund-raising successes. This $2.5 million round was led by Builders VC and Blackhorn Ventures, with participation from Argonautic Ventures, Azure Capital, Stanford University | Farmers Investment Club, and the Donnelley Family, among others.
QuoteToMe has drawn extraordinary interest because it automates purchasing and financial transactions for purchasers of construction materials and equipment. QuoteToMe’s app-based solution addresses inefficiencies in an economic sector plagued pre-digital-world mindsets. QuoteToMe centralizes buy-side/sell-side communications, offering users quote comparisons, while automatically reconciling purchase orders and invoices. Contractor clients of QuoteToMe report savings of up to 15%, which can easily double a buyer’s traditional profit margins.
QuoteToMe has already processed more than $24,000,000 in transactional volume, including purchase orders for building materials, equipment, and site services. QuoteToMe’s purchasing automation solution has already landed large construction clients with a combined construction value exceeding $1.5 billion annually. QuoteToMe is connecting these clients to 1,000+ suppliers across North America.
“We are fully engaged with QuoteToMe with our commercial construction projects,” said Nick Bockstael, Bockstael Construction. “The reason is simple: Rather than using ‘traditional’ procurement methods, QuoteToMe makes it easier for us to access our diverse list of vendors. Even better, QuoteToMe gives us confidence with visibility and controls around our purchasing spend. Today, we are increasingly integrating QuoteToMe into our accounting systems, and the entire QuoteToMe experience has proved to be a huge time-saver.”
“We see immense disruption taking place in the intersection between fintech and the traditional construction world. QuoteToMe has an early start and is solving this critical gap by modernizing the construction procurement process,” said Mark Blackwell, General Partner at Builders VC. “We are thrilled to be co-leading this latest round in QuoteToMe and supporting their mission and expansion plans into the US.”
QuoteToMe will use the funds to complete integration with leading ERP systems (Procore, Sage, Viewpoint, Quickbooks, and Jonas), expand farther in Canada, and begin rollout in the United States.
“QuoteToMe is digitizing the procure-pay process for transactional construction purchasing, and our team is on a mission to bring simple yet impactful modern technology into the hands of the industry,” said John Chabluk, QuoteToMe’s Founder and CEO.
“QuoteToMe has removed manual data entry for field teams, created accuracy for accounting departments, while offering visibility and controls on spending for management teams,” Chabluk added. “Lack of procurement best practices can cost a contractor company up to 15% relative to their purchasing spend. Now, we have a rare opportunity to create efficiencies for operational and financial contractor teams, and QuoteToMe has aligned with strategic partners across North America with a specific goal of forever changing industries’ purchasing best practices.”
