Leading Venture and Secondaries Firms Back Growing, Infrastructure-focused Construction Operations Platform
DENVER, Nov. 9, 2021 /PRNewswire/ -- Assignar, a cloud-based construction operations platform, today announces that it has closed a $16.5 million secondary financing round. The round was led by Tiger Global, an investment firm focused on public and private companies in the global internet, software, consumer, and financial technology industries. SecondQuarter Ventures, the first secondaries fund in Australia & New Zealand to focus exclusively on the venture space, which is chaired by Leigh Jasper, the founder of Aconex, a construction platform that was acquired by Oracle, repeat investor Fifth Wall, and Boston-based HighSage Ventures also participated in the round.
Assignar has raised over $30 million in total funding since it was founded in 2014. In response to investor demand, this round involved buying stock which gave some early backers the opportunity to cash in some of their equity.
"We're thrilled to have such strong interest from tech and construction-related giants like Tiger Global and SecondQuarter Ventures," said Sean McCreanor, CEO and co-founder of Assignar. "This validation serves as further proof that our platform is a critical need for infrastructure and other construction sectors as it requires more project visibility and access to operations data to drive better results. Partnering with these firms will enable us to continue scaling and achieve positive outcomes for our growing customer base."
Assignar offers an easy-to-use operations platform for self-perform general and subcontractors on public and private infrastructure projects in markets like the United States, Australia, New Zealand, and Canada. Assignar supports hundreds of customers working on multibillion-dollar projects in infrastructure, road, rail, heavy civil, utilities, and other construction project types and disciplines.
The platform streamlines operations and project schedules as well as tracking crews, equipment and quantities, while improving quality and safety. Assignar measures and monitors productivity and progress with real-time data directly from contractors on the project.
"We're thrilled to co-lead Assignar's secondaries round and join some exceptional investors on the cap table," said Ian Beatty, Managing Partner of SecondQuarter Ventures. "We know an exciting journey lies ahead, and we're looking forward to many more transactions along the way to help staff, management, and early investors realize some of the value being created."
With Tiger Global, SecondQuarter and HighSage joining as investors alongside Fifth Wall, Tola Capital and Our Innovation Fund, Assignar has a depth and quality of investors that is unique and exceptional in the construction technology space.
The company has already doubled its headcount in 2021 and continues to invest heavily in R&D and product development to further develop its core platform. It plans to introduce an expansion in the first half of 2022 with powerful project optimization capabilities, creating project visibility from the owner through to specialty contractors, operations, schedulers and laborers, coupled with a recommendation engine that leverages data, AI, and machine learning to support planning and execution processes.
"Our clients expect faster communication, committed delivery schedules, nimble responsiveness, and for us to adapt to site conditions without impacting their projects or business outcomes," said Shel Waggener, President of American Asphalt. "Manual processes and tools don't meet those needs. Having a modern construction operations solution like Assignar that is fully digital and seamlessly integrates into our financial system has enabled better and more accurate information across the business. Assignar's capabilities are an absolute differentiator for its customers."
To learn more about Assignar or request a demo of the platform, visit www.assignar.com.
About Assignar
Founded in 2014 by Sean McCreanor and Marko Tomic, Assignar is a cloud-based construction operations platform that helps self-perform general and subcontractors improve productivity and operations, such as labor crews, equipment, materials & quantities, resource-loaded scheduling, field data, timesheets, and more. The company was born out of Sean's construction business while trying to solve problems of scale related to the office and the field. Assignar works with hundreds of customers, ranging from multinational, multi-billion-dollar companies to specialist contractors with as few as five crews. Assignar's customers operate in infrastructure, road, rail, civil, utilities, and other construction projects & disciplines. The company has offices in Denver, Colorado and Sydney, Australia and is backed by Tiger Global, SecondQuarter Ventures, Fifth Wall, Ironspring Ventures, Our Innovation Fund (OIF) and Tola Capital. For more information, visit www.assignar.com.
About Tiger Global
Tiger Global Management is a leading global technology investment firm with over $90 billion under management. The firm focuses on private and public companies in the software, internet, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included JD.com, Toast, Databricks, UiPath, Stripe, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Peloton, Attentive, LinkedIn, and Flipkart.
About SecondQuarter Ventures
SecondQuarter is the first venture secondaries fund in Australia. We provide liquidity to Australian venture-backed technology companies which are valued at over A$75 million and are rapidly growing. Our goal is to quickly and simply help the founders of Australia's best technology companies meet the liquidity requirements of early shareholders, staff and founders.
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