Modern technology has altered the face of the construction industry as a plethora of tools have been developed to make building new projects easier and safer. From site-surveying drones to WiFi-enabled safety glasses, there’s been no shortage of innovation in the field. However, much of that innovation has yet to reach the back-office tasks that keep these projects running. Looking to change this trend, Flashtract built software for the operations segment of the industry, and it just closed a $15 million Series A to further its tech.
Much of the office operations in the construction industry are done manually, leaving ample room for human error, according to the company. Hoping to advance things beyond Microsoft Excel spreadsheets and paper checks, Flashtract designed a cloud-based B2B platform to streamline the payment and billing process for a network of general and subcontractors, enabling better communication and helping save time and resources for accounting and finance teams.
Launched in 2020, Flashtract’s solution automates workflows and enables electronic payments, and it’s capabilities go beyond its basic functionalities. Its solution integrates with the platforms contractors already use, like accounting programs, ERP systems and project management tools including Procore and Vista. The company also provides training and support for its product, hoping to enable users to roll out its solution in a single day rather than over the course of several months.
“Construction technology is a rapidly expanding space with a need for intuitive, easy to use tools,” Ben Conry, Flashtract’s co-founder and head of customer success, told Built In via email. “Billing, in particular, hasn’t seen much advancement over the past 20 years, especially in the mid-market. Flashtract has created a scalable tool that solves the billing challenges that many contractors face that works alongside existing tools that contractors use today.”
With its new funding led by Addition and Shine Capital, Flashtract is working to advance its product’s capabilities. Aiming to expand its network of contractors, the company plans to add additional products and services and further its billing and payment offerings.
Throughout 2021, Flashtract saw a 300 percent increase in payment application volume and a 400 percent increase in total dollars billed by customers, according to the company.
Coming off a year of growth, the company anticipates scaling its network of contractors and expanding its internal team of 32 people. Atlanta-based Flashtract is currently hiring for a handful of roles spanning sales, product and engineering.