Trayd, a pioneering construction payroll platform, has successfully completed a $4.5m equity fundraise.
This significant financial boost reflects the growing market demand and the early adoption by key customers in the construction industry. The venture capital affiliate of Suffolk Construction, Suffolk Technologies, spearheaded the seed round, with additional backing from Bloomberg Beta and Y Combinator.
The company is focused on automating the back-office functions that burden the construction sector. Trayd’s comprehensive platform offers a suite of tools including payroll, scheduling, field tracking, HR, and accounting services, aimed at simplifying the daily challenges faced by trade contractors. By integrating these services, Trayd addresses the inefficiencies of using disjointed systems like paper sign-in sheets and Excel for scheduling.
The fresh capital will be utilized to accelerate product development, expand the team, and scale the platform to meet the needs of a broader customer base. Trayd’s innovative approach is designed to eliminate redundant systems and centralize crucial project and labor data, enhancing compliance and operational efficiency for contractors.
The platform, crafted by co-founder and CTO Cara Kessler, is particularly adept at managing the complexities of union payrolls and certified payroll reporting. This capability allows contractors of all sizes to engage in larger, federally-funded projects. The platform also supports non-union contractors with robust calculations for fringe benefits and prevailing wage overrides.
Trayd has already established a strong presence among union customers, such as Century Drywall, a major drywall contractor in the Northeast United States. The platform’s ability to streamline operations for a high-turnover workforce presents a significant advantage in the competitive, low-margin construction industry.
Co-founder and CEO Anna Berger shared her enthusiasm about the platform’s impact on the industry. “We are thrilled to announce this milestone. Trayd is the first platform of its kind, and every day, I have the privilege of watching contractors finally see a purpose-built software made just for them. For these builders, Trayd removes duplicative systems, and enables them to focus on the job at hand, all while staying compliant,” said Berger.
John Fish, Chairman and CEO of Suffolk, also commented on the investment. “When our trade partners operate at peak efficiency, it elevates the entire construction ecosystem and enables our project teams to build better and smarter. We are thrilled to welcome Trayd to the Suffolk Technologies portfolio and support their innovative approach to streamlining payroll compliance and back office operations for specialty contractors. Trayd is helping to advance the construction industry and empower its critical players to focus on what they do best — building the future,” said Fish.
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