Procurement software company Kojo has announced its latest funding round, which will allow the business to add more functionality to its products.
The app provides contractors with pre-approved materials lists, as well as a parts catalog with more than 400,000 entries, as well as request quotes from vendors and tracking deliveries.
Kojo has announced completion of its $39 million Series C funding round led by Battery Ventures with participation from new investors Schneider Electric, RXR, and Bienville Capital. Existing investors including 8VC, Suffolk Construction, Human Capital, AME, and BoxGroup also participated in the round. Kojo has grown annual recurring revenue 3.5 times year-over-year, expanded to serve all major construction trades and in the past 18 months, has experienced a 12-fold increase in users.
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“Our mission is to make it faster, easier, and more sustainable to build the world around us.” said Maria Rioumine, CEO and Founder of Kojo. “Supply chain disruptions and inflation have made it incredibly challenging to keep projects on-time and on-budget. With this new round of funding, we’re excited to continue building best-in-class products that help contractors all over the U.S. save money, increase their productivity, and become more resilient.”
In addition to the new round of funding, Kojo is launching new products to further streamline payments and project spend management. Contractors will be able to reconcile their invoices and pay for materials directly on Kojo’s platform, allowing them to accurately track project spend. With new distributor integrations, contractors will also be able to directly see distributor pricing and inventory to make the best buying decisions.
“At Battery, we’re focused on investing in entrepreneurs building industry-transforming companies,” said Michael Brown, general partner at Battery Ventures, who has joined Kojo's board of directors. “The construction industry has been underserved by technology for far too long, and that’s led to huge challenges over the past few years. We’re thrilled to be partnering with Kojo to change that and bring much needed software and financial services to commercial trade contractors.”
