Construction is more than the work on a construction site, even though the building part sums up all the extensive work from multiple teams working on a single construction project in this fragmented industry. Contractors are heavily involved in coordinating the labor and time of construction workers, while also securing essential capital and making sure that all workers are paid on time. Small and medium businesses are faced with a risk of shutting down due to the late payments and cash flow issues and delays, representing a major financial challenge for the industry.
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Business Intelligence for Contractors Created by Handle
Handle is a construction technology startup created by Chris Woodard, Patrick Hogan, and Blake Robinson. The team recognized financial challenges the industry is faced to regularly, which is how Handle was created. The startup created software tools for automation of tasks related to payments. The software also offers different options for financing, customized for construction firms. The startup is hoping to provide the needed aid through Handle business intelligence for contractors.
Handle Startup Raised 4.5 Million Dollars in Equity
The startup based in San Francisco managed to raise 4.5 million dollars in equity from numerous investors. Handle raised the funds from prominent institutional investors such as Zigg Capital, PlanGrid co-founders, Global Founders Capital as well as some of the Plaid co-founders. One of the PlanGrid co-founders who invested in Handle and their software for construction companies, Gootee, stated that they have helped numerous construction companies to adopt new technology through PlanGrid.
Handle’s Software Responds to the Needs of Construction
As for the reason behind the investment placed in Handle, Gootee notes that the software is intuitive and makes up for a nice fit when it comes to the billing workflows in the industry of construction. Since late payments and issues with financing are some of the pain points of the industry, Handle software is trying to respond to some of these challenges.
