Ryvit Closes $3.5 Million Seed Funding Round to Help Construction Companies Improve Efficiencies
Ryvit, the marketplace for construction technology, has announced the completion of a $3.5 million Seed round of funding led by Dreampact Ventures
ST. LOUIS, Oct. 22, 2019 /PRNewswire-PRWeb/ -- Ryvit, the marketplace for construction technology, has announced the completion of a $3.5 million Seed round of funding led by Dreampact Ventures, a St. Louis-based venture capital firm founded by a team of former executives from Anheuser-Busch InBev. Fued Sadala, Co-Founder and Principal at Dreampact Ventures, has joined Ryvit's Board of Directors. The funding round was co-led by Hermann Companies, Inc., with participation from Serra Ventures, Dragon Capital, members of the St. Louis Arch Angels, and other private investors. The company will use this funding to broaden its product offerings and expand its technical and customer-facing teams.
"Dreampact Ventures could not be more excited to be a part of the Ryvit team and lead their most recent round," said Sadala. "They have a very strong team and the focus needed to really make an impact as a technology leader in the construction industry."
"We are thrilled to have Dreampact join our team as we further disrupt an industry that is in desperate need of modern technology," said Tom Stemm, CEO of Ryvit. "We are already expanding our team, recruiting for various software engineer, product, and customer success roles. While St. Louis is our home, we embrace remote team members to ensure we hire the best talent."
At more than $13 trillion in GDP, the construction industry is the second largest industry in the world. Yet, Gartner ranks it as the least productive of the 20 largest industries. The industry has struggled to adopt new technology, making it nearly impossible to keep up with the demand of a growing global population. The financial accounting and enterprise resource planning (ERP) applications that sit at the center of a construction company's operation lack a core ability to connect to the hundreds of best-of-breed independent software vendor (ISV) applications available today. And while the average construction company has purchased or is implementing at least 15 of these critical applications, most of the data must be manually entered between them. Construction companies need help migrating to a modern technology platform that gives them flexibility, while still being able to leverage their investments in the applications that currently run their businesses.
Stemm founded Ryvit on this singular, but significant observation. Ryvit has built the marketplace for construction technology, providing construction companies with automated connectivity between various applications, enabling adoption of best-of-breed software solutions without unnecessary duplicate entry into their financial accounting and ERP applications. With this new capability, construction companies can now reimagine how to manage their data and accelerate their adoption of modern technology.
Ryvit has over 160 customers subscribing to their integration, data, and Application Programming Interface (API) solutions, improving efficiencies by over 70%*. To date, Ryvit's platform has powered millions of data interactions between applications its customers are using, translating to thousands of hours in time savings. Ryvit is already powering some of the largest construction companies in the world, providing solutions to 40 of the ENR Top 400 Contractors. While the impact of Ryvit's platform has been significant, the company has still only scratched the surface based on the size of the industry.
Through its Partner Program, Ryvit provides ISVs with access to all of the necessary technology, support, and marketing resources they need to quickly and successfully engage with construction companies and turn them into customers. The platform tools, such as APIs and integration microservices, have enabled Ryvit partners to acquire over $20 million in new sales, while increasing their retention rate by up to 9%. Ryvit has already partnered with over 15 major ISVs such as SAP/Concur, Procore, and Newforma.
About Ryvit
Based in St. Louis, Missouri, Ryvit has built the marketplace for construction technology, enabling construction companies to integrate best-of-breed software without unnecessary duplicate entry into their financial accounting and ERP applications. To learn how Ryvit has become the go-to resource for construction companies looking to improve efficiency and profitability, visit https://ryvit.com or http://www.linkedin.com/company/ryvit. ISVs interested in partnering with Ryvit can inquire about the Partner Program by emailing [email protected].
About Dreampact Ventures
Dreampact Ventures is a partnership founded by senior executives with experience around the world and across the C-suite. Dreampact exists to work hand-in-hand with outstanding entrepreneurs to achieve impactful dreams and create a better future in the process. To learn more, visit https://www.dreampact.com.
*As reported by Ryvit customers through a Q3 2019 Customer Success survey.
Contacts
Ryvit
John Grispon, CRO
[email protected]
Dreampact Ventures
Lucas Donnelley, Managing Director
[email protected]
SOURCE Ryvit
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