STACK Construction Technologies, a provider of cloud-based takeoff and estimating software for the construction sector, has secured $7 million in funding. The investor was Level Equity.
CINCINNATI (PRWEB) JANUARY 23, 2018
STACK Construction Technologies (http://www.stackct.com), the leader in cloud-based takeoff and estimating software for the construction industry, raised $7 million in growth equity from Level Equity. STACK will use the new capital to continue to expand product and development teams, deliver additional features and functionality, and enhance technology innovation to propel the growth and success of its contractor customers.
STACK saw tremendous user and revenue growth in 2017, adding new customers at a pace that was more than 200% faster than the previous year. The implementation of STACK’s easy-to-use takeoff and estimating software has helped general and subcontractors throughout North America to reduce takeoff time and improve bid accuracy while also eliminating costly errors.
“Since making the move from contracting to technology, I’ve been passionate about helping contractors to win more profitable work,” said Phillip Ogilby, Founder and CEO of STACK. “This investment helps us to accelerate the pace of new technology R&D as we bring automation to a process that’s currently extremely manual. It will also provide needed fuel as we begin integrating more live product data into the application to further streamline the quoting and buying process for the contractor and the supplier.”
As part of the financing, Charles Chen and Ben Levin from Level Equity have joined STACK’s board. “The takeoff and estimating process continues to be a major bottleneck for contractors aiming to do more business,” said Charles Chen, Principal, Level Equity. “Built by proven domain experts, STACK understands the pain points that contractors face and has built a solution that drives significant ROI for contractors, streamlines the job bidding process, and helps increase their bottom line. We’ve been impressed with the strong, capital-efficient growth that Phil and his team have achieved and are excited to partner with them moving forward.”
Abraham Fathman to lead STACK technology team as Chief Technology Officer
In conjunction with the financing, STACK named Abraham Fathman as its new CTO to help foster continued innovation and customer growth in the year ahead.
“Abraham brings more than 25 years of diverse technical experience and the ability to unify business and technical strategies. His proven leadership skills and his drive to build world-class technology solutions will allow STACK to continue helping our customers to bid and win even more profitable work,” Ogilby reflected on STACK’s investment in key senior leadership.
Abraham Fathman was previously CTO of PLXIS, an innovative retail platform unifying customer identity, loyalty, digital offers, prepaid and payments into a nimble system servicing one of the world’s largest brands (SUBWAY). During his tenure, Fathman led the growth of the POS platform from 400 locations to over 5,500. His background, distinct experience and proven leadership prowess will serve him well in this new role where he will lead roadmap planning, development strategy and operations.
About STACK Construction Technologies:
STACK Construction Technologies provides the first and only truly cloud-based takeoff and estimating software for professional construction contractors. Through a sophisticated, yet easy-to-use SaaS platform, STACK is transforming and streamlining the bid process for contractors of all sizes and empowering users to quickly and accurately measure digital plans, collaborate with team members, customize materials and pricing and finalize project estimates. STACK was founded and is led by Philip Ogilby, former founder of iSqFt, purchased by Roper Technologies in 2016. Visit http://www.stackct.com to learn more.
See STACK in action in booth #C3300 at the World of Concrete in Las Vegas, NV, January 23-26, 2018 or in booth #461 at the International Roofing Expo in New Orleans, LA, February 6-8, 2018.
About Level Equity:
Based in New York, NY, Level Equity is a private investment firm managing over $940 million and focused exclusively on providing growth capital to rapidly growing software and internet companies. Principals at Level Equity have invested in 67 technology businesses over the past 15 years. For more information about Level Equity, visit http://www.levelequity.com.