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- Clearstory Secures $16 Million Series B Funding to Transform Construction Industry
Clearstory Secures $16 Million Series B Funding to Transform Construction Industry
Slice of Construction Team
July 01, 2024
Key Highlights:
$16 million Series B financing led by Prudence, with participation from Industry Ventures and existing investors.
Total capital raised now $35 million for further platform scaling and product development.
13 of the 25 largest general contractors in North America are customers.
Integrations with leading construction technology platforms such as Procore, Autodesk, and Sage.
Reduction of administrative burden and increased transparency in change order processes.
Source (Business Wire)
Notable Quotes
“This funding round will allow us to scale our platform further, supercharging our product development while bringing on top-tier talent to drive growth and innovation. Our customers rely on us to alleviate a meaningful pain point in their financial and operational processes, one I lived myself as a former general contractor project manager.”
“Clearstory is hands down one of the most impactful companies that we have ever come across in the construction tech sector. The company is taking a change order process that represents 10-20% of industry-wide construction spend but is entirely devoid of technology and delivering a solution that drives collaboration and transparency, saving their customers millions of dollars in lost fees and cost overruns.”
Our Take:
Clearstory's successful Series B funding round marks a significant milestone in the construction technology landscape. By securing $16 million, Clearstory is well-positioned to enhance its change order communication platform, addressing critical pain points in financial and operational processes within the industry. This investment underscores the platform's value, evidenced by its widespread adoption among leading general contractors and specialty contractors. The integration with major construction technology platforms and the reduction of administrative burdens highlight Clearstory's commitment to innovation and efficiency. As the construction sector continues to evolve, Clearstory is set to play a pivotal role in driving transparency, reducing risk, and improving collaboration across projects.