- HaulHub Technologies, a heavy construction industry platform, announced that it has raised $30 million in Series B funding
Boston-based HaulHub Technologies, a company that powers the heavy construction industry with mobile and web-based solutions, announced that it has raised $30 million in Series B funding to expand the capabilities of its transportation management platform.
This round of funding was led by funds and accounts advised by T. Rowe Price Associates and Durable Capital Partners LP. The funding will be used for accelerating the hiring of engineers and other resources needed to bring innovation faster to its customers.
And the solution has improved the way materials are delivered, capital assets are deployed, shifts are scheduled, inventory is managed, and crews are hired.
McKinsey & Company recently reported that “incumbents, new entrants and investors alike are realizing the potential of technology to accelerate projects, reduce costs and improve safety in the (Engineering & Construction) $10-trillion-a-year industry. Contributing 13 percent of global GDP, construction is the largest industry in the world—and is primed to unlock significant value through productivity improvements.”
“HaulHub Technologies has proven it has the industry knowledge, depth of team and clear understanding of what is required to modernize the heavy construction industry in its approach to transportation management. Now we need to step on the gas, and go even faster, helping our customers improve their workflows and scale their business.”
-Joe Spinelli, founder and CEO of HaulHub Technologies
“The construction industry is at the tipping point of a digital transformation process that will revolutionize the way business is done. We believe HaulHub has the right team, technology and market experience to create value for its customers, partners and team and build a much larger business.”
-Henry Ellenbogen, CIO, Durable Capital Partners LP
“HaulHub Technologies has tapped into a real and pervasive need in one of the largest and fastest-growing markets in the world. The team has demonstrated its ability to succeed in the Engineering and Construction market that is just starting to leverage innovative technologies and services to reduce costs, improve efficiencies and streamline processes.”
-Andrew Davis, Director of Private Investments of T. Rowe Price Associates, Inc