Raken, software for construction site reporting, has received $2 million through a capital investment led by Rincon Venture Partners, with participation from Eniac Ventures and Spider Capital.
Founded in 2013 by CEO Kyle Slager, Raken is a reporting, compliance and project visibility SaaS application for the construction industry. Raken web and mobile apps are built to provide project visibility and save time spent performing reporting and compliance activities associated with construction projects. Even though both the mobile and web platforms are designed to provide identical functionality, they are built with different audiences in mind. Mobile apps are targeted toward superintendents and job foremen, whereas web apps provide overall project visibility to project managers and project engineers. As such, each platform is positioned to provide maximum value to the intended user achieving a compromise between speed and value.
“We partnered with three of the top seed investors in the country within the business-to-business and mobile space,” says Dr. Sergey Sundukovskiy, CTO/CPO and co-founder of Raken. “The investment will help Raken accelerate product development to meet customer growth.”
Raken currently has more than 2,500 clients in 13 countries and is now adding over a hundred new customers every month.
“Kyle and Sergey make a formidable team,” says John Greathouse, managing director of Rincon Venture Partners. “Their combination of domain expertise and technological excellence made my investment in Raken obvious. I look forward to the coming years, as the company builds upon its mobile construction platform.”
Raken has found a product market fit, evidenced by almost non-existent churn. This infusion of seed capital will help Raken continue to support its growing customer base and further product development. With a release of sub-collaborator workflow, Raken has achieved peer-to-peer distribution.
“Spider Capital backs product visionary founders, and we are thrilled to partner with Kyle and Sergey,” says Michael Neril, founder and managing partner of Spider Capital. “We believe Raken’s mobile, cloud-based platform is poised to transform how construction and project management gets done, replacing pen and paper with a set of tools built for the mobile workforce.”
Customer satisfaction is an uncompromising measure for Raken. The company’s experience in technology and construction allows it to bring mobile experiences to construction companies. According to Dr. Sundukovskiy, they build for the customer first and use client feedback to drive product choices. Instead of making product decisions in isolation, Raken employs close-loop qualitative and quantitative client studies to drive product features and usability choices.
“At Eniac Ventures we have always focused on technologies that are not just innovative, but also transformative,” says Tim Young, founding general partner of Eniac Ventures. “With Raken, Kyle and Sergey have created a mobile platform that provides efficiency and simplicity.”
“Technology within the construction industry is antiquated, and investment in tech has lagged other industries by a wide margin, but we are seeing that dynamic changing,” says Slager. “Companies investing in mobile solutions to everyday workflows are profitable, and that message is spreading through the industry.
“It’s an exciting time in construction,” he adds. “This investment will allow us to improve what our customers love and add new features our customers have been asking for. In addition, we’ll be able to hire ahead of schedule to maintain customer service.”
Raken is the software of choice for many of the world’s best construction companies. For more information about Raken, visit www.rakenapp.com.
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