Remato, a tech startup that aims to make frontline construction management seamless, said it has raised $1.7 million seed investment round, led by London-based Passion Capital.
Additional investors in the financing round include founders and early team members of Pipedrive along with venture funds Superangel, Lemonade Stand, Spring Capital, and Kaamos Group – a long-standing property developer and general contractor in the region.
Remato’s software enables field contractors to easily plan and manage budgets, labour, materials, and equipment all in one app, which serves as a single source of truth. The software provides superior situational awareness by enabling real-time collaboration for offices, field crews, and client representatives.
There are millions of construction SMBs in Europe and the Americas, all of whom face universal challenges in terms of performance, administration, and deadlines. Most of them are still largely under-digitized or deploy fragmented software for specific tasks. This presents an enormous productivity increase potential for the industry, measured at $1.6 trillion, leaving room for thousands of construction tech unicorns driving the change.
Developed by a team with global tech background in companies like Wise, Booking.com and Glia, Remato said it was is growing steadily at 10-15% MoM.
Remato currently has hundreds of companies as customers in the Nordics and Baltics. This new investment round has catalysed the company’s efforts towards the vast UK construction market of 2.7 million employees. With a UK-based industry growth manager, Simon Gibbons, onboard as an advisor, Remato said it was progressing towards 2-3 times growth by the end of the year. As the platform grows, the founding team envisions a marketplace for its customers for collaboration, bidding, and leasing of labour, materials, and equipment.