Kojo Lands $39 Million Series C

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

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