Investment in the construction technology ecosystem reached a record level of $4.5 billion in 2021, triple the amount of money invested in 2020. Betting big on the segment, Berlin-based construction tech startup Flexcavo has now received government backing. The platform has roped in a $2.7 million research allowance from the German government.
Until 2025, the government will provide $2.7 million in personnel costs associated with projects for greater sustainability and digitalisation in the construction industry at Flexcavo. The government support comes on the heels of its $8 million funding in February this year.
Founded in July 2020 by Benedict Aicher and Leonhard Fricke, the platform wants to accelerate the digitalisation of the construction industry. On one hand, it rents construction equipment from well-known manufacturers to construction companies of all sizes. On the other hand, it develops software solutions for digital fleet management.
“The future of construction machinery management is digital. We are here to make it happen,” Leonhard Fricke, CEO, Flexcavo said. The company had earlier raised its seed funding of $7.5 million in September 2021.