QuoteToMe,which is digitizing the construction industry’s procurement and financial processes, today announced it has funded a fully-subscribed VC investment round of $2.5 million (CAD). The company reports funding commitments even beyond the $2.5 million and confidently expects to announce additional fund-raising successes. This $2.5 million round was led by Builders VC and Blackhorn Ventures, with participation from Argonautic Ventures, Azure Capital, Stanford University|Farmers Investment Club and the Donnelley Family, among others.
QuoteToMe automates purchasing and financial transactions for purchasers of construction materials and equipment; it centralizes buy-side/sell-side communications, offering users quote comparisons, while automatically reconciling purchase orders and invoices. Contractor clients of QuoteToMe report savings of up to 15%.
QuoteToMe has already processed more than $24 million in transactional volume, including purchase orders for building materials, equipment, and site services. QuoteToMe’s purchasing automation solution has already landed large construction clients with a combined construction value exceeding $1.5 billion annually. QuoteToMe is connecting these clients to 1,000+ suppliers across North America.
“We are fully engaged with QuoteToMe with our commercial construction projects,” said Nick Bockstael, Bockstael Construction. “The reason is simple: Rather than using traditional procurement methods, QuoteToMe makes it easier for us to access our diverse list of vendors. Even better, QuoteToMe gives us confidence with visibility and controls around our purchasing spend. Today, we are increasingly integrating QuoteToMe into our accounting systems, and the entire QuoteToMe experience has proved to be a huge time-saver.”
QuoteToMe will use the funds to complete integration with leading ERP systems (Procore, Sage, Viewpoint, Quickbooks and Jonas), expand farther in Canada, and begin rollout in the United States.
