ConWize, the construction tendering software company, announced it had raised $2.8 million in a seed round led by Ariel Maislos. Other investors include Pi Labs, Europe's first and most active Proptech VC, and angel investors Liad Agmon and Meir Gabay.
Today, most construction companies, subcontractors, and suppliers in the construction industry still manage tenders manually, making the bidding process time-consuming, expensive, and prone to mistakes. With 15 years of experience in the construction industry, ConWize bootstrap founders Dima Haikin, Ran Levi Sody and Denis Umnov identified the acute need for innovation in the current tender practices. They decided to make a change and introduce digitalization into the tender management process. Their new builders' estimating software helps contractors prevent critical mistakes, win more tenders, and carry out projects more profitably.
The seed round follows successful product releases and sales after the company's contractors estimating software earned the trust of some of the largest construction companies in Israel.
"Construction technology presents unique growth opportunities," said Ariel Maislos, the lead investor of the seed funding round. "ConWize's SaaS platform solves a critical pain point in the construction process, as tenders directly impact construction companies' growth and success. I am thrilled to partner with this outstanding team as they expand their activities into the European market."
Faisal Butt, Founder and CEO of Pi Labs, said: "It has been incredibly exciting having ConWize as a member of the Pi Labs family ever since they were selected to be a part of our 2021 accelerator program. By automating the construction cost estimation and bidding process, the technology helps minimize development costs and make the overall process more efficient to benefit all stakeholders, including developers, contractors, subcontractors and end-users. We are proud to be backing Dima, Denis and Ran, and our investment team is confident that their entrepreneurial and technological skills will see ConWize make major inroads across the European construction sector in the coming years."
We have developed the most advanced cloud-based construction estimating program available for construction companies today. Our platform gives a true end-to-end solution for tender departments of general contractors and subcontractors. This construction estimating tool enables to save time and eliminate estimation errors. This new funding will help us scale up our success in the Israeli market and present the most advanced construction estimation software to Europe, starting in the UK."
Dima Haikin, ConWize CEO
The platform is already in use by the largest and most innovative general contractors in Israel, as well as thousands of subcontractors and suppliers. The platform's cloud-based architecture will facilitate the fast global growth ConWize expects.
About ConWize
ConWize is transforming the construction industry's tendering process, including bidding and cost estimation. With ConWize's SaaS platform, contractors can estimate projects more accurately, answer more tenders, and win more projects. The platform also offers advanced analytical capabilities, enabling companies to make data-driven decisions and improve their bidding from project to project.