Suppli, a digital accounts receivable platform for the construction industry, has netted $3.1m in its seed funding round.
The capital injection was led by Equal Ventures, with commitments also coming from Audacious Ventures, Dash Fund, Built Technologies CEO Chase Gilbert and Wrapbook CEO Ali Javid.
With the funds, the FinTech company hopes to expand its team and launch new features and financial products during 2023.
Suppli explained that while over $500bn of construction materials are sold annually in the US, many vendors still use manual paperwork, homemade spreadsheets or dated software solutions that don’t meet the demands of customers.
A report from BLS Employment Projections, claims that by 2024 60% of material buyers will be digital natives.
Paying for construction materials requires an average of 15 documents for each sale, takes 83 days to get paid in construction and 40% of suppliers don’t offer online payments, Suppli said.
To help fix this gap, Suppli created a software solution that allows independent material suppliers and distributors to turn routine account management and payment tasks into a digital customer experience that competes with national and big box suppliers.
It also supplies construction credit and finance professionals with modern tools to manage accounts more effectively.
Since its launch in Q4 2022, Suppli claims its customer count is in double digits and includes top material suppliers across the country.
Suppli co-founder Ryan Ayers said, “The big brands like Builders FirstSource, Home Depot and Lowes are hiring thousands of software engineers and investing billions in customer-facing technology to capture these modern buyers.
“Simply having an online payment portal isn’t enough. Suppli levels the playing field for independent vendors allowing them to offer a comprehensive solution with features like text-based payments, automated lien waiver requests, one-click deposits, full mobile-responsiveness and more.”
Last year, Bizongo secured $25m in a funding round led by Liquidity Group. The company offers a B2B digital marketplace for the packaging and material handling industries.
Copyright © 2023 FinTech Global