Agora | August 12, 2021
Agora, the industry-leading commercial construction procurement platform, today announced its $33 million Series B funding round led by Tiger Global, with additional key investments from 8VC, Tishman Speyer, Jerry Yang, Michael Ovitz, DST, LeFrak, and Kevin Hartz. Commercial trade contractors use Agora to order and track materials, automate manual data entry, and bring all their supply chain stakeholders together onto a single platform for seamless communication. Agora's software solution is a crucial component in reducing the cost of construction, helping deliver critical projects that strengthen local communities faster and more efficiently, and reducing materials waste.
To make our cities more affordable, the commercial construction industry must adopt new technology. Construction is a $10 trillion industry that employs more than 200 million people worldwide. Yet, according to McKinsey, labor productivity growth in the industry has been stagnant since 1947.
"Our cities are facing an affordability crisis," said Maria Rioumine, CEO and Co-Founder at Agora. "Our mission at Agora is to make the built environment faster and more efficient to build. By modernizing the construction supply chain, we can dramatically reduce building costs and help make our cities more affordable and accessible to all."
Commercial trade contractors across the US still rely on manual, pen-and-paper processes too often to manage their supply chains. Office teams are overburdened with manual data entry and have to rely on outdated systems that don't work with each other. Field teams have no easy way to select the exact materials they need and track them to delivery. These inefficient processes slow contractors down and lead to miscommunication, project delays, and a huge amount of waste.
Agora brings both field and office teams onto one digital platform that saves office teams 75% of the time they spend processing purchase orders, and field teams 38% of the time their foremen spend on materials management. In total, this amounts to $300,000 of potential annual savings for the average Agora customer.
Today, Agora is processing more than $140 million in annualized materials orders for its customers. In the last year, the company has grown revenue 760% and expanded across 30 states, all whilst tripling in team size. This strong growth attracted a number of top investors, who proactively offered term sheets and sought to scale Agora's impact.
"Agora is defining the future of procurement in construction," said John Curtius, partner at Tiger Global. "Agora's platform delivers an industry-leading experience for commercial trade contractors and is a game changer in modernizing how construction works. We're excited about Agora's strong traction, incredible market opportunity, and proven track record of customer success."
During the COVID-19 pandemic, contractors across the country faced severe supply chain disruptions and material price fluctuations. Many turned to Agora to help them manage quotes across different vendors more easily and lock in prices in advance. Using the Agora platform, customers reduced the back-and-forth ordering process that traditionally took five or more days to 24-48 hours, and saved their teams hours a day by eliminating manual data entry and shortening the time it takes to process each PO.
"Agora transformed the way we manage our supply chain," John Mraz, owner of Einheit Electric Construction Co. "With Agora, my foremen and purchasing agents can use a platform with Amazon-like speed and integration to make sure the right materials arrive on-site, on time. The digital experience is a boon for recruiting young workers, making the best use of our existing employees, and positioning the entire company to beat our goals and growth metrics."
Agora's latest round will boost its focus on recruiting top talent for its growing engineering, sales, customer success, marketing, product, and design teams. The company is also devoting significant resources to research and development as it expands into other trade verticals.
Agora is a materials procurement platform built for commercial trade contractors to reduce overhead costs and increase labor productivity. The platform brings the field, office, warehouse, accounting teams, and suppliers, onto one collaborative platform, allowing contractors to create requisitions, issue purchase orders, and track invoices and deliveries instantaneously.
CSL Group Inc & EMS-Tech Inc | December 10, 2021
We are pleased to announce that The CSL Group ("CSL") has acquired a strategic minority stake in Canadian engineering firm EMS-Tech Inc., an industry leader in the design and supply of bulk material handling systems.
"We are excited to be working with CSL to advance integrated marine and land-based material handling systems,We believe that project partnerships with CSL will take our industry-leading expertise and know-how to new markets and geographies."
-EMS-Tech President and Owner, Peter Sorensen.
The investment will build on the synergies developed between CSL and EMS-Tech over 25 years and will leverage the companies' respective strengths in delivering advanced cargo handling solutions.For over three decades, EMS-Tech has provided innovative solutions to the bulk material handling industry, many of which can be found on self-unloading ships and transhipment assets owned and operated by CSL worldwide.
"Since CSL began working with EMS-Tech in 1996, the alignment of our complimentary capabilities has produced state-of-the-art cargo handling solutions for our customers,"
-Louis Martel, CSL President and CEO.
This investment is an extension of our confidence in EMS-Tech's capabilities and growth potential, and a continuation of our commitment to provide our global customers with a full range of safe, sustainable and high-performance services.
EMS-Tech will continue to be independently managed by its current team of professionals and serve its current and future customers with the same world-class engineering expertise and standards demonstrated over the past 30 years.
About EMS-Tech Inc.
EMS-Tech Inc. is the world leader in the design and supply of self-unloading and transhipment systems. With a multi-discipline team of engineers, designers, project managers and field service technicians, EMS-Tech delivers turnkey dry bulk material handling solutions. EMS-Tech's world-class resume includes tailored designed, high-capacity stacker reclaimers, shiploaders and conveyors to deliver product from mine to the end user.
About The CSL Group Inc.
The CSL Group is the largest owner and operator of self-unloading ships in the world. Headquartered in Montreal with divisions operating throughout the Americas, Australia, Europe and Asia, CSL delivers more than 70 million tonnes of cargo annually for customers in the construction, steel, energy and agri-food sectors.
TriMech and Javelin | May 06, 2021
TriMech and Javelin Technologies are now one team, expanding 3D design and 3D printing support for designers, engineers, and manufacturers across Canada and the central and eastern United States. Going forward, Javelin will operate as TriMech's Canadian business, referred to as Javelin Technologies, a TriMech Company.
Combining the two companies brings together their shared expertise across every stage of product development, including mechanical and electrical design, simulation and testing, data management, technical communication, and production. The integrated business will continue to provide the full suite of SOLIDWORKS 3D CAD software and 3DEXPERIENCE Works, as well as configure-price-quote automation, process and workflow assessment, in-person and online training, and engineering and implementation services.
The blended expertise of TriMech and Javelin will offer clients additive manufacturing technologies and services that are unmatched in North America. Together they will continue to sell and support Stratasys 3D printers, metal 3D printers, post-processing equipment, and 3D laser scanners and help clients meet stringent requirements for prototypes, tooling, end-use parts, and low-volume manufacturing. In their collective advanced manufacturing and rapid prototyping labs, more than 70 3D printers are available for clients who need quick turnaround on quality printed parts and tools.