Today on our blog we are pleased to share the news of a $5 million investment from JettyCove that will support next level innovation on our best-in-class construction management platform built from the ground up for the construction industry.
JettyCove, a New York-based private equity tech investment firm, recognized the value of what we are doing to help contractors win more business and deliver successful projects and is the right fit investor and partner to help accelerate the strategic growth of our company.
According to a recent statement by Jamie Nissen, Founding Partner at JettyCove, “JettyCove has been monitoring the progress of RedTeam and its footprint in the construction industry, and we are thrilled to partner with them on this next part of their journey. RedTeam was designed and built by GCs, which is why it resonates so well with GCs that understand how good software can be critical to their business. Commercial construction is entering a wave of cloud adoption, and RedTeam is going to be a great option for a large percentage of the market.”
In an Orlando Business Journal article published last month, we outlined some perspectives on how we will use this capital to enhance our technology, strengthen our team and take advantage of the massive opportunity to offer even more solutions designed to meet the evolving and expanding needs of our customers and the industry.
COVID-19 has accelerated the pace of technological adoption and is bringing innovative solutions to the forefront of the construction industry. The shift to remote working paradigms makes digital systems vital for communication and collaborative workflows from the office to the field and anywhere in between. That’s why we recently accelerated the rollout of new digital collaboration and workflow features and products to help customers overcome unprecedented obstacles to managing projects and getting their jobs done.
RedTeam is used by more than 500 general contractors to manage in excess of $3 billion of work in progress. And, there is enormous potential for our platform to help even more contractors deliver projects on-time and on-budget – results that drive revenue.
With this funding, we look forward to accelerating innovation on our construction management platform to continue making it the best value in the industry.