Most small and medium-sized enterprises (SMEs) in Europe and the United States are in urgent need of digitalization as they face universal challenges in terms of performance, administration and deadlines. This happens due to under-scanning or the deployment of fragmented software for specific tasks.
Estonia-based construction tech start-up Remato has raised $ 1.7million (nearly € 1.45million) in passion-led seed investment round Capital, based in London.
Get to know the incredible finalists here
The funding round saw the participation of additional investors, including the founders and early team members of Pipedrive, as well as venture capital funds Superangel, Lemonade Stand, Spring Capital and Kaamos Group. In total, the startup has raised funding of up to $ 2.5 million after this round closes.
Use of funds
With the product, the company intends to continue its efforts towards the UK construction market. Following the appointment of UK-based Industry Growth Director Simon Gibbons as an advisor, Remato expects 2-3x growth by the end of 2021. According to the company, its founding team envisions a market for its clients for collaboration, tendering and rental of labor, materials and equipment, as the business grows.
Madis Lehtmets, co-founder and CEO of Remato, says: “The construction industry needs simplicity and modern design to achieve mass adoption of software. We believe user experience should be much more of a priority, because frontline adoption depends on it. It helps the traditionally low-tech industry go fully digital. “
Founded in 2018 in Tartu, Estonia, construction technology startup Remato is digitizing the construction industry, primarily SMEs which are responsible for 95% of on-site work and account for 80% of the global construction market.
The software developed by Remato allows contractors in the field to easily plan and manage budgets, labor, materials and equipment in a single application, and it offers better situational awareness by enabling a real-time collaboration for offices, field teams and customer representatives.
Developed by a team with global technology experience in companies like Wise, Booking.com and Glia, Remato claims to experience steady growth of 10-15% MoM. It has 1,700 active users per day. Currently, Remato has hundreds of companies as clients in the Nordic and Baltic countries. The company also has 14 team members in Estonia and Finland, and plans to expand its presence in the UK.
Eileen Burbidge, Partner at Passion Capital, said: “We are very happy to be working with Remato. Their traction to date clearly validates the need for user experiences and digital platforms for the massive construction industry, which accounts for 10% of the global economy. We look forward to supporting the team’s ambitions in the UK, the rest of Europe and North America.
How his partnership with Salesforce helped him succeed!