Munich-based digital construction software startup Capmo has raised $30M(€25M) in a Series B financing round.
The round was led by leading cloud and software-as-a-service (SaaS) Investor Bessemer Venture Partners, which has previously invested in companies such as LinkedIn, Shopify, Twilio and Procore. Previous investors Capnamic Ventures and UVC Partners also participated in the round.
Capmo is already in use in over 10,000 construction projects. The collaboration of all project participants along with the possibility to control all processes, from initial planning to project completion, centrally in one system, makes it possible to successfully implement even complex construction projects on time and within budget, the company said in a statement.
With the proceeds, Capmo plans to add further use cases along the entire construction process to its holistic platform. It is looking for expansion of its product and development in more European markets.
Capmo also aims to grow its team to two hundred people by the end of next year.
Florian Biller, co-founder and CEO of Capmo says, “The construction and real estate industry accounts for 10% of our gross domestic product, yet it is the second most under digitized industry in Europe. We want to change that with Capmo.”
“With this investment, we are able to continue our steep growth trajectory and serve as a digital partner to the construction and real estate industry. I am pleased that we can use this to improve the everyday working lives of so many people in the industry who have not yet been able to benefit from modern software,” he added.
With Bessemer Venture Partners, Capmo gets the most experienced global SaaS investors on board, the company said in a statement.
“The Capmo team is at the forefront of construction software in Germany. We’re thrilled to be partnering with Capmo in their long-term journey to modernize the construction industry in Europe,” says Brian Feinstein, a partner at Bessemer.
Capmo, founded in 2018, is a holistic construction project management software for SMEs in the construction and real estate industry.
The cloud-based platform allows processes across all construction phases to be digitized holistically and managed in one platform and allows coordination between all involved parties.