Berlin’s construction project efficiency platform Cosuno, has raised $15 million in a Series A round led by Spark Capital. The round also saw participation from SIGNA via APIC Investments, PERI and existing investor Cherry Ventures. Angel Investors including Hakan Koç, Christian Bertermann, Johannes Reck, Carsten Thoma, Nicolaus Schefenacker, Julius Köhler and David Nothacker also participated. Cosuno is reporting that the funding will be put towards further product development and international expansion.
Founded in 2019 by Christoph Berner, Fritz Cramer, and Maximilian Seifert, Cosuno is a SaaS platform that’s dragging the traditionally paper-driven procurement process in the construction industry into the 21st century. Cosuno digitises the process and services general contractors, property developers, and architects, and puts them all on the same page, resulting in greater efficiency and cost savings.
Cosuno points to its time-savings as the big winner across the board. By bringing transparency to an otherwise opaque market, margins can be optimised, with construction crews sourced 60% faster than when compared to traditional, manual methods. The platform counts a network of over 80,000 subcontractors under its banner, making it one of the largest networks of its type in Europe.
“What Christoph, Fritz, and Max and the entire Cosuno team have accomplished in such a short amount of time is truly impressive. It is very rare to see this kind of adoption speed, processing more than $1.5 billion of construction volume in only 12 months, especially in an industry that's known to be slow to adopt software in general," comments Cherry Ventures’ Thomas Lueke. “In the construction industry, procurement is central to the success of each project. Cosuno’s technology has truly nailed a customer need, making the entire process vastly more efficient and cost-effective."