eSub Completes $5M Series A Round
SAN DIEGO, CA, eSUB Construction Software (eSUB) today announced a $5 million Series A investment from Revolution Ventures.
eSUB Construction Software (eSUB), the leading provider of mobile and cloud-based project management and document control solutions for subcontractors, today announced a $5 million Series A investment from Revolution Ventures. The construction tech startup previously received investment from The Investor Group, led by Sheldon Lewis, Raymond Levitt, and the Stanford Farmers Investment Club, a group of Stanford professors that make angel investments.
eSUB was founded by industry veteran, President and CEO, Wendy Rogers, and founding team member Benny Baltrotsky, Chief Strategy Officer. eSUB is the only existing software platform that specializes in serving construction subcontractors and has been used by clients for major construction projects including the Facebook and Apple headquarters, the Moscone Convention Center in San Francisco, CA, and Freedom Tower in New York City. Unlike general contractors, subcontractors perform 99 percent of the labor on large-scale construction projects and being able to accurately track their labor in the field can make or break their profits.
'When changes occur in the field on construction projects, subcontractors often find themselves unable to accurately capture the work completed. They're too busy doing the extra work to document it, but subcontractors don't get paid for the work they do, they get paid for the work they document,' says Rogers, founder, CEO and a former consultant to subcontractors.
eSUB solves this costly disconnect by implementing a cloud-based back-end solution that ties in with native applications and mobile devices in the field, giving personnel the ability to easily capture information onsite and share it in real-time with the back office for billing purposes and productivity tracking. Using eSUB results in at least a 50 percent operational increase by replacing manual process with automated workflows and allows contractors to collect 100 percent on previous undocumented changes in the field.
'eSUB is revolutionizing the enormous subcontractor market that has yet to be adequately served by technology,' said Bobby Ocampo, Partner at Revolution Ventures. 'We are excited to join industry experts Wendy, Benny, and their team to accelerate eSUB's growth, which will benefit the subcontractor industry by helping them save time, increase profits, and reduce labor costs.'
'eSUB is designed for the hundreds of thousands of companies trapped with legacy solutions and inconsistent manual workflows, to make real business progress. eSUB is changing this reality for subcontractors in the U.S. and abroad,' says Baltrotsky, founding team member and Chief Strategy Officer at eSUB.
Since Rogers launched eSUB, the company has won numerous business and innovative product awards, including being named three years consecutively to Construction Executive Magazine's Hot Companies ('14-'16), and Constructech Magazine's Top 50 innovative companies ('13-'16). In 2016, the San Diego Venture Group named eSUB one of San Diego's most promising up-and-coming technology companies. eSUB also partners with several other leading construction management software providers, including PlanGrid, Sage, Microsoft, Construction Open Software Alliance (COSA), SmartBidNet, Associated Subcontractors Alliance, and The Associated General Contractors of America.
Since 2013, eSUB has grown its revenues by over 400 percent. eSUB plans to use this latest funding to add over 40 team members, with a focus on hiring in sales, engineering, customer success, and marketing at its headquarters in San Diego, California. Please visit esub.com/careers/ for current job postings.
Founded and headquartered in San Diego, CA, eSUB is the leader of web-based project management and document control software designed specifically for subcontractors in the construction industry. Built on thirty-plus years of expertise, eSUB's easy-to-use, software-as-a-service helps self-performing contractors increase standardization, accountability, and productivity.
Today, thousands of users trust eSUB's platform to manage project communication and collaboration on construction projects worldwide. For more information or to schedule a free online demonstration visit www.eSUB.com or call 1.800.493.3782.
About Revolution Ventures
Revolution Ventures, led by Steve Case, Tige Savage, and David Golden, invests in start-ups and early-stage companies founded and led by passionate entrepreneurs. Revolution Ventures is focused on investing in technology-enabled businesses that empower consumers and businesses and disrupt existing, multi-billion dollar industries. Revolution Ventures is headquartered in Washington, D.C. www.revolution.com/ventures
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