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Levelset will use this Series C financing to continue developing products that resolve payment and cash flow headaches for contractors, and to boost up its growth
Fremont, CA: Levelset, the digital platform that helps contractors eliminate cash stresses and get paid faster, announced an additional $30 million round of funding in Series C. Horizons Ventures, a firm backed by Li Ka-shing, one of the world's wealthiest billionaire property developers, led the funding with participation from Altos Ventures, S3 Ventures, Michael Gollner, Operating Venture Capital, and Darren Bechtel of Brick & Mortar Ventures. Bart Swanson, an advisor to Horizons Ventures, will join Levelset's Board of Directors soon. Levelset has raised $47 million to date.
Realizing the severe cash pains of millions of contractors across the world, the founders started Levelset. In a current survey of contractors by Levelset and T-Sheets by Quickbooks, 50 percent of contractors stated they were not paid on time and had major cash flow challenges, and more than 75 percent wanted more transparency in the payment process.
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Levelset helps contractors to deal with this problem by making paperwork of payment and compliance easier, and monitoring jobs to bring helpful insights to speed up payment, save time, and avoid obstacles.
"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 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."
Levelset will use this Series C financing to continue developing products that resolve payment and cash flow headaches for contractors and to boost up its growth.
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