Berlin-based construction tech company Cosuno has secured a $30 million Series B led by US growth equity firm Avenir Growth. Spark Capital and Cherry Ventures, which led the Series A six months ago, also participated. This new funding brings the valuation to $150 million.
The fresh capital will enable the startup for expansion into new European markets and boost product development.
The construction industry is one of the largest and most collaborative industries in the world, but also one of the least digitised. Countless companies have to come together again and again for a construction project and work together successfully. This is exactly where Cosuno comes in.
Founded in 2019 by Christoph Berner, Fritz Cramer, and Maximilian Seifert, the German startup is a SaaS platform which ensures efficient and transparent collaboration between all parties involved. The platform can be used to digitally and efficiently map the crucial processes from planning to payment.
Fritz Cramer, Founder and Co-CEO of Cosuno said: “In this next chapter for Cosuno, we can be even more dedicated, more focused, and much faster in moving the construction industry towards a digital future."
Since its market launch, the software has already processed a $4 billion construction volume.
Customers benefit from involving subcontractors in planning at an early stage, finding the right prices on a data-driven basis, and being able to pay more quickly via the software.
By using the platform’s cloud solution instead of email, phone, and Excel spreadsheets, the time saved amounts to about 60% and the profit margin is 18% higher on average.