Vancouver-based Ontraccr Technologies has closed $1.2 million CAD in seed funding for its construction management software.
Ontraccr said the all-equity round, which closed last December, included strategic investments from construction and proptech venture capital firms LAB Ventures and Buildtech Ventures, as well as from undisclosed industry executives. The funding will be used to improve Ontraccr’s platform and expand into more industry segments and the United States (US).
Founded in 2019 by CEO Syed Ahmed, CTO Shane McNamara, and COO Jas Nijjar, Ontraccr’s platform is meant to be an all-in-one, no-code solution for construction companies. It provides tools for project management, billing, time tracking, operations, analytics, and more for use across computers, phones, and tablets. Ahmed told BetaKit that Ontraccr has raised $1.8 million to date.
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Ontraccr cites a 2019 report from McKinsey & Company that says using digital platforms in construction can cut project costs by up to 20 percent. The startup aims to help companies do this by providing job costing, inventory management, equipment management, and invoicing. Ontraccr also supports integrations with third-party software such as Quickbooks as well as in-house IT systems through its API if needed. Ahmed said Ontraccr currently serves over 60 companies across Canada and the US.
“We’re excited to use this funding to expand our reach, enhance our platform, and continue making construction management easier and more efficient for companies everywhere,” Ahmed said in a statement.
Canada’s construction and contractor-focused tech industry has been active in the past year. This week, Calgary-based contractor billing software startup PayShepherd secured $7 million CAD in its second seed financing to expand across North America, while fellow Calgary contractor software SumoQuote was acquired by Utah-based roofing software company JobNimbus last month.
Last year also saw Calgary’s Vitruvi, which offered geospatial information system-based software, acquired by Denver-based Bow River Capital while Mercator AI raised a $5.1 million CAD seed round to develop its construction intelligence platform for business developers.
UPDATE (03/08/24): This article was updated to note information shared by Ontraccr CEO Syed Ahmed.
Feature image courtesy Ontraccr.