- Fieldwire, a leading field management solution for the construction industry, announced it raised $33.5 million in a round of funding led by Menlo Ventures
Fieldwire — a leading field management solution for the construction industry — announced it raised $33.5 million in a round of funding led by Menlo Ventures with follow-on from Brick & Mortar Ventures and participation from Hilti Group and Formation 8. In conjunction with this round, Tyler Sosin of Menlo is joining Fieldwire’s Board of Directors alongside current board member Darren Bechtel. Including this round, Fieldwire has raised $40.4 million to date.
Fieldwire is bridging the gap between the office and the job site by allowing everyone involved in a construction project to track and coordinate work from any device. And the platform ensures proactive responses to quality, safety, and scheduling. By streamlining communication, Fieldwire is saving its users, including project managers, engineers, and craft workers more than 1 hour per day per person on average.
“Our customers face two distinct challenges: finding technology that actually gets adopted in the field, but also forming long-term partnerships with companies that can grow with them and deliver enterprise-level service,” said Yves Frinault, the co-founder and CEO at Fieldwire. “Being a great partner in this industry is often rewarded with deep customer loyalty, so our main goal is to stay equally nimble and customer-focused as the company grows.”
Fieldwire is already used across more than 500,000 projects worldwide. And Fieldwire’s platform brings a unique focus on labor coordination to help drive productivity onsite. This field-first focus led to rapid expansion over the past 2 years with Fieldwire winning company-wide agreements with some of the largest construction companies in the world such as Built (Australia), Clark Construction Group (USA) and EllisDon (Canada).
“Fieldwire combines an efficient ‘bottom-up’ distribution engine with a unique capacity to expand customers from small crews into large enterprise deals,” added Tyler Sosin, partner at Menlo Ventures. “The result is a cash flow positive company with a really strong growth rate; something we rarely find in the wild but are delighted when we do.”
This round of funding will be used to fuel research and development as well as to further international expansion. And the company has expanded beyond its San Francisco headquarters by opening offices in Phoenix, Arizona and Paris, France. Plus the company has plans to open an additional office in Australia before the end of 2019 and expects to hit 150 employees by summer 2020.
“Construction represents 10% of the world’s GDP, but this immense market is still in its digital infancy,” explained Bechtel, the, founding partner and and managing director at Brick & Mortar Ventures. “Traditionally, construction software has been sold top-down and has only impacted a fraction of construction professionals. By focusing on the craft workers and subcontractors, Fieldwire is deeply changing the way construction works from the field up.”