SAN FRANCISCO–(BUSINESS WIRE)–March 23, 2022–
handle.com, the leading software platform for construction payment compliance, today announced the closing of a $10 million Series A funding round led by Energize Ventures and Ironspring Ventures. To capitalize on growing customer interest, Handle will leverage this funding to expand its support, engineering and sales teams across the country.
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Screenshot of Handle’s deadline feature tab that ensures payment compliance on every construction project. (Graphic: Business Wire)
In the first eight months of 2021 alone, construction spending reached $1 trillion, an increase of 7% over the same period in 2020. This growth, coupled with the pandemic, has put significant pressure on the construction industry, amplifying the underlying fissures that have plagued businesses for decades.
One of the biggest bottlenecks affecting the construction industry today is slow and complex payment processes. As one of the sectors expected to see a ripple effect as a result of the bipartisan infrastructure bill, construction is currently facing a dramatic increase in daily outstanding sales (DSO). From 2020 to 2021, DSOs increased by two weeks, from 24 to 38 days. Even with adjustments to payment terms, there is still a strong increase in DSOs, especially in construction (Artradius 2021). With Handle’s platform, businesses can dramatically reduce DSOs across organizations by accelerating payments and efficiency across all credit departments.
Handle CEO Patrick Hogan, who grew up in a family of logging companies, says, “Handle solves one of the most critical and complex workflows in construction: payments. It all starts with protecting your payment and lien rights. Handle simplifies this process for companies of all parties involved in construction projects. »
Backed by Y Combinator, Handle’s clients already include some of the biggest names in construction, including publicly traded companies and Fortune 500 companies such as CRH/Oldcastle, US Concrete and many more. Handle founders include Patrick Hogan, Blake Robertson, Chris Woodard and Lucas Azevedo; who all worked together at the former company founded by Patrick and Blake, Tenfold, which was recently sold to LivePerson (Nasdaq: LPSN).
Long payment cycles, compliance, trade credit, and deep layers between vendors and payers create a complicated environment for vendors and contractors, often leading to project delays. Clients use Handle to automate manual and repetitive tasks, saving them time and increasing efficiency in nearly every role in their finance department.
“The construction industry is one of the essential elements of any society, but today’s landscape is a hugely complex, fragmented and maximized industrial supply chain,” said Adam Bridgman, co-founder and managing partner of Ironspring Ventures. “This is precisely why Ironspring chose to partner with Handle. Patrick, Blake and Chris collectively have decades of expertise in the field and are continually innovating and improving the most important component of the supply chain: construction. We support Handle’s mission to automate build commerce and solve fundamental problems at the bottom of the payment chain and above.
Handle has grown revenue nearly 500% in the past 12 months alone and is bringing in new investors to support this rapid growth.
“At Energize, we believe that if you’re bullish on renewables, you’re bullish on construction,” said Juan Muldoon, partner at Energize Ventures and Handle’s newest board member. “We are watching the construction software space closely because we know how important this sector will be in building renewable energy infrastructure – which will require an investment of $4 trillion over the next few years. Handle’s software platform solves one of the biggest challenges facing materials suppliers today, and we’re excited to partner with them to transform the industry with more digital, traceable and secure payment processes. durable.
About the handle
Handle is construction software specifically designed for material suppliers and contractors to help manage the entire payment compliance process to protect payment entitlements. Handle’s software automation tools ease the manual and repetitive tasks associated with construction payment delays, such as lien management, owner verification, time tracking, RFI, enhanced waiver processes, and even more. For more information, visit https://handle.com.
About Energize Ventures
Energize Ventures is a leading global alternative investment manager focused on accelerating digital transformation in energy and sustainable industry. Founded in 2016, Energize now has nearly $700 million in assets under management and has funded 19 companies to date. With unparalleled depth and breadth of industry and operational expertise, Energize works in partnership with its portfolio companies to realize their full potential, from early commercialization to scaling for growth and into public markets. For more information about Energize Ventures, please visit http://www.energize.vc.
About Ironspring Ventures
Ironspring Ventures is a venture capital fund that invests in digital industrial innovation. The fund’s sector-based approach partners with world-class founders and teams that are revolutionizing the way we design, build, distribute and operate in the physical world. Learn more about ironspring.com.
Show source version on businesswire.com:https://www.businesswire.com/news/home/20220323005917/en/
CONTACT: Connie Zhang
Mission Control Communications
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: VENTURE CAPITAL SOFTWARE CONSTRUCTION & REAL ESTATE FINANCE DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY OTHER CONSTRUCTION & REAL ESTATE
THE SOURCE: handle.com
Copyright BusinessWire 2022.
PUBLISHED: 03/23/2022 15:32 / DISK: 03/23/2022 15:32