Finalcad, a leading construction mobile platform, today announces a $40 million Series C round, led by Draper Esprit, accompanied by Cathay Innovation and with the support of Salesforce Ventures.
The investment will enable the company to significantly accelerate operations across Europe and Asia, as the demand for their mobile-first construction app keeps increasing.
- The round was led by Draper Esprit, along with Cathay Innovation and additional funding from Salesforce Ventures. Finalcad has now raised a total of $63M. The company will use the further funds to expand its operations across Europe and Asia.
Along with existing French investors Serena, Aster and CapHorn Invest, additional international investment funds are joining Finalcad. Newcomer investors include leading European fund Draper Esprit, the global VC fund Cathay Innovation, and the global investment group of Salesforce, global CRM leader, Salesforce Ventures.
$10 trillion is currently spent on construction worldwide, and this number expected to double over the next 20 years. Yet the industry suffers from chronic low productivity. According to McKinsey, while overall productivity has risen by 30% since 1995 in the UK and Germany, productivity in the construction industry has risen by only 7%. Simultaneously, the adoption of digital technology has been very low; the industry still predominantly uses manual, non-digital processes. With a rise in population, and the consequent need for more infrastructure and housing worldwide, the need to build in more efficient and cost-effective ways could not be more pressing.
Finalcad was founded in 2012 by Jimmy Louchart, Joffroy Louchart and David Vauthrin, to solve this exact problem. The company enables construction companies to improve their operational efficiency through a mobile digital platform. Site Engineers, Foremen, Architects and Consultants can work together via their app, enabling collaboration across a wide variety of workflow processes both on site and at the office. Their app is not just a communication tool, but also enables users to work on drawings, BIM models, tasks, controls, safety procedures and progress monitoring. Finalcad can then provide insights and best practices at a company level, thanks to their analytics technology.
With this additional firepower, Finalcad is well positioned to build on its progress across Europe and Asia, as they execute on their mission to digitise the construction industry. The new funds will enable the company to:
- Extend their SaaS Product platform from the Buildings and Infrastructure industry sectors, to Energy and Operations & Maintenance
- Hire 100 people to better serve their global customers
- Invest in R&D around Construction Insight Platform, to provide predictive insights
The company now employs 170 people, across 12 countries and has serviced over 20,000 projects since inception. Their customers include leading construction firms such as Shimizu, Eiffage, RATP and PT PP.