eSUB Construction Software, the leading field data collection and project management platform for trade contractors, completed a $12 million Series B funding round led by growth equity firm Catalyst Investors with participation from existing investor Revolution Ventures. The new capital will be used to scale all areas of the company and accelerate product development. As part of the investment, Catalyst Investors partner Susan Bihler joined eSUB's Board of Directors.
eSUB delivers a mobile-first, cloud-based solution exclusively focused on the needs and workflows of subcontractors representing contractors from more than 30 trades. With eSUB, trade contractors optimize their labor in the field, share information with project stakeholders, and facilitate timely and profitable project completion. As the chosen platform for the trades, eSUB leverages its integrations with investment partner Autodesk's BIM 360 and PlanGrid construction software, as well as construction estimating and accounting software, to deliver a streamlined project delivery workflow from design through operations, and accounting.
"eSUB takes a differentiated approach to solving the needs of the construction industry. By creating an easy-to-use, purpose-built platform, the company empowers trade contractors to have their own system of record and productivity optimization solutions," said Bihler. "We're excited to be part of this next stage of growth."
Construction technology is surging with more than 3,000 different applications and investments in the sector reaching nearly $3.1 billion in 2018. However, many construction solutions are developed for owners, designers or general contractors to manage their construction projects, not the trade contractors who represent over $1.1 trillion in construction volume, according to the IBIS World Report. Trade contractors perform the majority of the labor on large-scale construction projects and accurately tracking their work in the field can make or break profits.
"Trade contractors are the lifeblood of the construction industry," says Wendy Rogers, founder and CEO of eSUB. "They are the true builders who construct commercial construction projects. However, they are underserved by the majority of disjointed point solutions in the marketplace and are forced to utilize systems that are developed for general contractors. Through this new partnership with Catalyst Investors, eSUB is well-positioned to continue our growth and strengthen our product offerings to address the specific needs and workflow requirements of trade contractors."
"eSUB has demonstrated tremendous success in addressing the needs of the enormous trade contractor market. They found and capitalized on a clear opportunity to service the needs of a portion of the industry that was not yet adequately served by technology," said David Golden, Managing Partner, Revolution Ventures. "We are excited to further our partnership with them as they help trade contractors save time and increase profits."
About eSUB Construction Software
Founded and headquartered in San Diego, eSUB is the leader of web-based project management and document control software designed specifically for trade contractors in the construction industry. Built on 30-plus years of expertise, eSUB's easy-to-use, software-as-a service solution helps self-performing contractors increase standardization, accountability and productivity.
Today, thousands of users trust eSUB's platform to manage project communication and collaboration on construction projects worldwide. For more information or to schedule a free demo visit www.eSUB.com or call 1.800.493.3782.
About Catalyst Investors
Catalyst Investors is a growth equity firm founded in 2000. Catalyst's mission is to earn superior returns by helping entrepreneurs build great companies. Catalyst employs a rigorous top-down research focus that seeks to identify investment opportunities in companies and industries that will exhibit strong revenue growth. The firm works in true partnership with talented management teams to build long-term value. Past and present Catalyst portfolio companies include SaaS-based businesses (Weave, Fusion Risk Management, Jobvite, MessageLabs, MINDBODY), Business Services (Datavail, Envoy, Reputation Institute), Food Tech (BrightFarms, ChowNow), Healthcare IT (Clinicient, PresenceLearning), AdTech/Marketing (Conductor, MediaMath, WeddingWire) and Internet Infrastructure (InSite Wireless Group, Latisys, Xplornet). For more information, visit www.catalyst.com.
