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Fieldwire plans to use the funds to fuel research and development as well as to further international expansion.
FREMONT, CA: Fieldwire, a leading field management solution startup based in San Francisco, has raised an additional $33.5 million in fresh funding, to catalyze its long term goal of overhauling the construction industry.
The Series C round was led by Menlo Ventures with follow-on from Brick & Mortar Ventures and participation from Hilti Group and Formation 8. Following the investment from Menlo Ventures, the fund's Tyler Sosin will soon join Fieldwire's Board of Directors alongside the sitting board member Darren Bechtel. The firm has raised $40.4 million to date.
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Founded in 2013, Fieldwire has developed a unique field management solution for the workers in the construction industry and bridges the gap between the office and the job site by allowing everyone involved in a construction project to track and coordinate work from any device. The platform guarantees proactive responses to all things related to quality, safety, and scheduling.
By streamlining communication, Fieldwire rescues its users - project managers, engineers, and craft workers - more than 1 hour per day per person on average.
"Fieldwire combines an efficient 'bottom-up' distribution engine with a unique capacity to expand customers from small crews into large enterprise deals," said Tyler Sosin, partner at Menlo Ventures. "The result is a cash flow positive company with a robust growth rate; something we rarely find in the wild but are delighted when we do."
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Already used across more than 500,000 projects worldwide, Fieldwire's platform brings an unparalleled focus on labor coordination to help drive productivity onsite. This field-first focus had led to rapid expansion over the past two years, with Fieldwire winning company-wide agreements with some of the largest construction companies in the world, including Built (Australia), Clark Construction Group (USA) and EllisDon (Canada).
"Construction represents 10 percent of the world's GDP, but this immense market is still in its digital infancy," said Darren Bechtel, founding partner, and managing director, Brick & Mortar Ventures. "Traditionally, construction software has been sold top-down and has only impacted a fraction of construction professionals. By focusing on the craft workers and subcontractors, Fieldwire is deeply changing the way construction works from the field up."
Fieldwire plans to use the funds to fuel research and development as well as to further international expansion. The company has expanded beyond its San Francisco headquarters, opening offices in Phoenix, Arizona and Paris, France. The growing startup plans to open an additional office in Australia before the end of 2019 and expects to hit 150 employees by summer 2020.
"Our customers face two distinct challenges: finding technology that gets adopted in the field, but also forming long-term partnerships with companies that can grow with them and deliver enterprise-level service," said Yves Frinault, CEO at Fieldwire. "Being a great partner in this industry is often rewarded with deep customer loyalty, so our main goal is to stay equally nimble and customer-focused as the company grows," added he.
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