With Series B Round Led by Fifth Wall, Company Will Grow Team & Product Development with AI/ML Capabilities
DENVER, May 20, 2021 /PRNewswire/ -- Assignar, a cloud-based construction operations platform for heavy civil & infrastructure self-perform general and subcontractors, today announces that it has raised $20 million in Series B funding. The round was led by Fifth Wall, the largest venture capital firm focused on technology for the global real estate industry, with a repeat investment from Tola Capital and a new investment from Ironspring Ventures. Fifth Wall Partner, Vik Chawla joins the board as part of this round.
The Biden administration's Infrastructure Bill is nearing agreement, signaling an investment in infrastructure for communities across the US. However, most software solutions on the market serve general contractors in the commercial project management space. Assignar instead caters to the boots in the dirt with an easy to use operations platform for self-perform general and subcontractors on public and private infrastructure projects. Assignar streamlines operations, schedules and tracks crews and equipment, improves quality and safety, and measures and monitors productivity and progress with data on all projects. Assignar supports hundreds of international customers, in markets beyond the United States like Australia, New Zealand & Canada, that are working on multibillion dollar projects in infrastructure, road, rail, heavy civil, utilities and other construction disciplines.
"We recognize that our customers will serve the demands of the infrastructure investments being planned across the United States, Canada, Australia and other markets. We'll be there to help them identify how to scale, investing more deeply in our platform and insights with this fundraise. We're pleased to have the support and partnership with Fifth Wall with its deep understanding of solutions for the Built World to build on our vision," said Sean McCreanor, CEO and Co-Founder of Assignar.
"For years, the construction industry has lacked a well-designed and ubiquitous operations platform. Assignar offers a unique solution that makes projects easier for large general contractors, developers, and real estate owner-operators who seek the best real-time snapshot of granular field activity. We're pleased to support Sean and his team and to help Assignar scale its business into 2021 and beyond," said Vik Chawla, Partner with Fifth Wall.
With this new capital, Assignar will grow its business in North America and double its team by hiring for roles across all departments. The company also plans to invest in R&D and product development to further develop its core platform. It will introduce an expansion through powerful project optimization capabilities, creating project visibility from the owner down to the sub-contractors, coupled with a recommendation engine that leverages data, AI and machine learning to support planning and execution processes.
"We can quantify the savings that we've realized since implementing Assignar's technology. For example, we've saved over $30,000 a year in timesheet reporting alone. Assignar also provides data analysis by automatically pulling the information from our reports together to give a snapshot of our 15-20 active projects. This ability to better monitor data and get more readily available data has also improved communication with the office and our clients," said Terri Olson, CFO & Co-owner at OE Construction, a large earthworks contractor in Golden, Colorado.
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, crew and equipment management, resource loaded scheduling, field data, timesheets and more. The company was born out of Sean's construction business while he was 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 disciplines. The company has offices in Denver, Colorado and Sydney, Australia and is backed by Fifth Wall, Ironspring Ventures, Our Innovation Fund (OIF) and Tola Capital. For more information, visit www.assignar.com.
About Fifth Wall
Founded in 2016 and based in Los Angeles, California, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology-driven innovation for the global real estate industry. With approximately $2.5 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 70+ investors from 15 countries, including Acadia Realty Trust, Azora, BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, D.R. Horton, Equity Residential, Gecina, GLP, Hines, Host Hotels & Resorts, Hudson Pacific Properties, Ivanhoé Cambridge, Jamestown, Knight Frank, Lennar, Lowe's Home Improvement, Macerich, Marriott International, MERLIN Properties, MetLife Investment Management, Mitsubishi Estate, News Corp, MOMENI, Nuveen Real Estate, PGIM Real Estate, Pontos Group, Prologis, PulteGroup, Related Companies, SEGRO, Starwood Capital, Toll Brothers, Vanke, and others. Fifth Wall believes this strategic corporate consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in game-changing investments and collaborations in promising portfolio companies in retail, residential and multi-family, commercial, industrial, hospitality, and more. For more information about Fifth Wall, its partners, and portfolio, visit www.fifthwall.com.
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