Constrafor, a New York-based provider of a SaaS construction procurement platform with embedded financing, raised $100M+ in Seed funding.
The round was led by Fintech Collective with participation from Village Global, Clocktower Technology Ventures, Commerce Venture, Ramp, Uber, and Paxos. The company also received a credit facility from CoVenture.
The company intends to use the funds to build out new functionalities and expand its subcontractor invoice finance offering, Early Pay Program.
Led by CEO Anwar Ghauche, Constrafor provides:
- for general contractors, a cloud platform streamlines and expedites subcontractor procurement & administration, including contracts, COIs, invoices, payments and diversity procurement – all in one place,
- for subcontractors, it offers an Early Pay Program (EPP), a cost-effective receivables financing service that shortens the invoice payment cycle, frees up cash and allows them to take on more projects. Through EPP, subs can get paid for their approved invoices within 24 to 48 hours, improving cash flows by up to 80 days without having to use traditional and costly lending sources.
In addition to its core platform capabilities, Constrafor integrates with contractors’ existing technologies, including accounting programs, ERP systems and project management tools.
FinSMEs
02/06/2022