SAN DIEGO, CA, Raken, the top-rated daily reporting app and field management solution for the construction industry, has raised $10 million in Series A funding.
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The round was led by prominent venture capital firm U.S. Venture Partners (USVP), with participation from new investor Tao Capital Partners, and existing investors Eniac Ventures, Rincon Venture Partners and Spider Capital.
"Our mission has always been to empower the construction field. We've helped construction companies on nearly 200,000 projects and the customer feedback has been incredible. Our partnership with USVP will allow us to accelerate product improvements, new features and maintain world class customer service," said Kyle Slager, CEO and founder of Raken.
Raken boosts construction productivity, safety compliance and risk mitigation by providing a software platform that streamlines construction workflow processes such as daily reporting, time tracking and safety management. The company has more than 3,000 clients from all 50 states and 89 countries.
"More companies in the construction industry are embracing new technologies and Raken is at the forefront of that adoption when it comes to daily reporting, workforce time tracking and other field management solutions," said Dafina Toncheva, partner at USVP. "Raken is well positioned to take advantage of the $7B and ever-growing software construction market. Raken is deftly meeting the growing demand for technology integration in the construction industry and we're excited to participate in their increasing success."
Raken is based in San Diego, where it has access to a diverse, growing pool of technology talent and a healthy rich ecosystem for small business, with more than 25 business incubators and accelerators. According to CNBC's Power City Index, San Diego County beats out Silicon Valley for best return on investment in local public companies by 1.2 percent.
Raken prides itself on building solutions their customers love and has maintained near a 5-star rating in both iOS and Android App Stores since its initial launch in 2014. "At Raken, we do a significant amount of product feature testing and micro-pivoting to ensure we deliver true customer delight. We're only successful if our customers are successful - our retention numbers are best in class and NPS score in the 70's proves we're doing a great job in that regard," said Dr. Sergey Sundukovskiy, CTO/CPO and co-founder of Raken.
Raken's business strategy to date has been very intentional. "At Raken, we've always focused on capital efficiency, and consistent product-driven customer growth," said Slager. "Our experiment-centric approach, business model and a focused product offering has allowed Raken to develop at the accelerated pace without incurring disproportionate business risk."
"Our true differentiation comes from our fanatical attention to the needs of our clients and delivering a product that they absolutely love," Sundukovskiy added. "The $10 million funding will be used to finance aggressive expansion of the existing product line for our already expanding customer base, while developing additional construction field management workflows. Now more than ever, we will maintain our steadfast dedication to our existing customers with further investments in customer support many years into the future."
About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 400 companies spanning three decades, including Box, Castlight Health, Check Point Software, Concur, GoPro, Guidewire Software, HotelTonight, Imperva, InsideSales.com, Intersect ENT, Omada Health, OncoMed, SanDisk, Sun Microsystems, ThreatMetrix, Trunk Club, Trusteer, Yammer, and Zerto. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer mobile and e-commerce, and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. For more information, visit https://www.usvp.com/.
About Tao Capital Partners
Tao Capital Partners (Tao) is a leading family office investment firm, with a long history in real estate development and construction. Tao has invested in Tesla (TSLA), SpaceX, Uber, Proterra, SolarCity (SCTY), DeepMind (GOOG), Foundations Recovery Network (UHS), DreamBox, Newsela, Granular (DWDP), Ripple, Apeel, Warby Parker, Harry's, Buildium, Porch, and Revinate. Tao invests in technology, alternative energy and transportation, healthcare, education, sustainable food & agriculture, consumer, and real estate businesses that have a positive impact. Tao is an active investor with the ability to support companies through various stages of their life-cycle. For more information, visit www.taocap.com.
Raken provides innovative mobile technology to streamline field workflows for construction workers. Raken's "digital toolbox" connects the field to the office with daily reports, time cards, task management, project insights, photo management, and more. Clark Construction, AECOM, Skanska, Whiting-Turner, Hensel Phelps, and thousands of the world's top construction companies use Raken to solve their field reporting needs. To find out more, visit www.rakenapp.com or call 866-438-0646.