Kojo Lands $39 Million Series C

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; <u>Kojo<&sol;u> – which operates a materials management platform for the construction industry – has completed a <span class&equals;"xn-money">&dollar;39 million<&sol;span> Series C funding round led by <u>Battery Ventures<&sol;u> with participation from new investors <u><a href&equals;"https&colon;&sol;&sol;c212&period;net&sol;c&sol;link&sol;&quest;t&equals;0&amp&semi;l&equals;en&amp&semi;o&equals;3647621-1&amp&semi;h&equals;1672800885&amp&semi;u&equals;https&percnt;3A&percnt;2F&percnt;2Fwww&period;se&period;com&percnt;2Fus&percnt;2Fen&percnt;2F&amp&semi;a&equals;Schneider&plus;Electric" target&equals;"&lowbar;blank" rel&equals;"nofollow noopener">Schneider Electric<&sol;a><&sol;u>&comma; <u>RXR<&sol;u>&comma; and <u>Bienville Capital<&sol;u>&period; Existing investors including <u>8VC<&sol;u>&comma; <u>Suffolk Construction<&sol;u>&comma; <u>Human Capital<&sol;u>&comma; <u>AME<&sol;u>&comma; and <u>BoxGroup<&sol;u> also participated in the round&period;<&sol;p>&NewLine;<p><u><span class&equals;"xn-person">Michael Brown<&sol;span><&sol;u>&comma; general partner at Battery Ventures&comma; is joining Kojo&&num;8217&semi;s board of directors&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Our mission is to make it faster&comma; easier&comma; and more sustainable to build the world around us&period;&&num;8221&semi; said Maria Rioumine&comma; CEO and Founder of Kojo&period; &&num;8220&semi;Supply chain disruptions and inflation have made it incredibly challenging to keep projects on-time and on-budget&period; With this new round of funding&comma; we&&num;8217&semi;re excited to continue building best-in-class products that help contractors all over the U&period;S&period; save money&comma; increase their productivity&comma; and become more resilient&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The <span class&equals;"xn-money">&dollar;800 billion<&sol;span> a year commercial construction industry is facing more volatility than ever with <u>soaring construction costs<&sol;u>&comma; <u>material and labor shortages<&sol;u>&comma; and <u>supply chain constraints<&sol;u>&period; Too many contractors today lack control and visibility over their supply chains&comma; and critical projects are slowed down by error-prone and manual materials ordering processes&period;<&sol;p>&NewLine;<p>Kojo&&num;8217&semi;s software brings field&comma; office&comma; warehouse&comma; and vendor teams onto a single platform&comma; making it easy for contractors to manage their materials needs from project takeoff to closeout&period;<&sol;p>&NewLine;<p>To date&comma; Kojo has powered the construction of nearly 10&comma;000 projects&comma; including hospitals&comma; schools&comma; and multi-family housing projects&comma; across 46 states&period; Despite the recent economic slowdown&comma; Kojo says it has grown annual recurring revenue 3&period;5x year over year and <u>expanded<&sol;u> to serve all major construction trades&period; In the last 18 months&comma; Kojo has seen a 12x increase in users and saved customers more than <span class&equals;"xn-money">&dollar;19 million<&sol;span> on their materials orders&period;<&sol;p>&NewLine;<p>Alongside the new round of funding&comma; Kojo is launching new products to further streamline payments and project spend management&period; Contractors will be able to reconcile their invoices and pay for materials directly on Kojo&&num;8217&semi;s platform&comma; allowing them to accurately track project spend&period; With new distributor integrations&comma; contractors will also be able to directly see distributor pricing and inventory to make the best buying decisions&period;<&sol;p>&NewLine;<p>&&num;8220&semi;At Battery&comma; we&&num;8217&semi;re focused on investing in entrepreneurs building industry-transforming companies&comma;&&num;8221&semi; said <span class&equals;"xn-person">Michael Brown<&sol;span>&comma; general partner at Battery Ventures&period; &&num;8220&semi;The construction industry has been underserved by technology for far too long&comma; and that&&num;8217&semi;s led to huge challenges over the past few years&period; We&&num;8217&semi;re thrilled to be partnering with Kojo to change that and bring much needed software and financial services to commercial trade contractors&period;&&num;8221&semi;<&sol;p>&NewLine;