CONSTRUCTION

Extracker raises $7 million Series A to expand Change Order platform for construction

Extracker | June 09, 2022

construction
Extracker, the construction industry's only change order communication platform, which digitizes manual workflows and creates financial transparency between construction stakeholders, has raised $7 million in an oversubscribed Series A.

Leading the round is Cloud Apps Capital Partners, joined by the construction tech veterans at Building Ventures, and follow-on investment from Jackson Square Ventures who led the Seed round in June 2021. Joining the board are Andy Stinnes, general partner at Cloud Apps Capital Partners, and Jesse Devitte, co-founder and general partner at Building Ventures.

Stinnes, who led the investment round, has seen this network model first hand. Even in the challenging investment environment, he sees an exceptional opportunity in the construction technology SaaS platform. "Extracker can emerge as an industry utility in global construction, connecting all the players as the backbone for modern, mobile collaboration to unlock over $20 billion in shared value. We have personally seen this very model play out in both the supply chain and B2B payments markets and know how incredibly valuable and irreplaceable such Industry Utility SaaS companies will become."

Allen Preger, Building Ventures Partner and construction technology veteran, understands the issue and opportunity after years solving construction workflows as co-founder at Newforma. "Change orders can make or break a project and put at risk the trust between contractors, owners, designers and subs. Extracker promotes a collaborative versus combative approach to change management; and has demonstrated it can sell and deliver tangible value to each stakeholder in the process. We're excited to back Cameron and the Extracker team, and we can't wait to see where they take it from here."

Technology trends such as 3D design are reshaping the future of construction. With a shift towards faster, more iterative project delivery, the industry is at its breaking point with the current tools available including paper, spreadsheets, email and siloed financial software suites. The industry is still tracking 99% of over $150 billion in project Change Orders on paper, email and static spreadsheets, and Extracker is already addressing a massive pain point in commercial construction. Since its inception, they have helped contractors efficiently process and eliminate surprise costs on over $2.2 billion in Change Orders and T&M Tickets.

Regardless of what financial software a Specialty Contractor, General Contractor or Owner is using internally, Extracker keeps everyone on the same page in real-time. Using their cloud-based COR Log, Subcontractors can send CORs and have them instantly appear in their General Contractor's account. Contractors now have a shared source of truth to ensure their internal forecasts align with their project partners. Extracker customers are experiencing the benefits of a centralized platform for tracking Change Orders between all project stakeholders and as a result see upwards of 95% faster time to process and close out extra work.

Over the past year, they have doubled their paying customers and are proud to have built a platform that supports construction companies of all sizes and across every single trade vertical, including industry leaders like: BrandSafway (scaffolding), Conco (concrete), Performance Contracting Group (drywall), Permasteelisa (glass and glazing), NOVO (general contracting), and BuildGroup (general contracting).

At Extracker, we are finding innovative ways to better equip our customers with the tools they need. With this new round of funding, we are expanding our integrations to the industry's most popular project management and accounting systems like Procore, CMiC and Sage, which seamlessly sync CORs and T&M Tags into all stakeholders' systems-of-record. Given the speed and accuracy of Change Order information being collected in our platform, we are excited about the powerful reporting and analytics engine that will harness never-before-captured data our industry leading customers are collecting about their projects."

Cameron Page, founder and CEO of Extracker

About Extracker
Extracker's mission is to create financial transparency between commercial construction companies by reducing exposed risk and time spent tracking extra work. This is done through the industry's only Change Order Communication Platform, which supercharges extremely manual workflows and connects companies outside of their internal financial software to resolve Change Orders in real-time. Along with a collaborative cloud-based log, Extracker includes digital Time and Material Tags, standardized Change Order Templates, trackable Change Notifications, and more, to organize and streamline the process.  Extracker is backed by leading enterprise application and construction technology investors Cloud Apps Capital Partners, Building Ventures, and Jackson Square Ventures.

Spotlight

OneClick BIM is a well established company in India and Dubai which focuses on providing high quality BIM and CAD services to clients in the field of Architecture, Engineering, and Construction through innovative consulting and solutions.

The company provides the clients with one stop solution of Design, Engineering, and Construction. We have the capability to carry out almost all trades of Architecture, Structure, Mechanical, Electrical, Plumbing, Fire Fighting, Project Management, Fabrication and Construction under one umbrella. Thereby giving our customers edge of single point hassle free solutions and advantage over other outsourcing companies.

Spotlight

OneClick BIM is a well established company in India and Dubai which focuses on providing high quality BIM and CAD services to clients in the field of Architecture, Engineering, and Construction through innovative consulting and solutions.

The company provides the clients with one stop solution of Design, Engineering, and Construction. We have the capability to carry out almost all trades of Architecture, Structure, Mechanical, Electrical, Plumbing, Fire Fighting, Project Management, Fabrication and Construction under one umbrella. Thereby giving our customers edge of single point hassle free solutions and advantage over other outsourcing companies.

Related News

ENGINEERING TECH, CONSTRUCTION

HOVER and ABC Supply Announce Expansion of Business Relationship

HOVER Inc. | February 16, 2023

On February 15, 2023, HOVER, a technology company that converts smartphone photos and blueprint designs of any estate into a scaled 3D model, and ABC Supply Co., Inc., the largest wholesale distributor of siding, roofing, and other select interior and exterior building products in North America, announced that they are expanding their business relationship to provide contractors with quick, accurate measurements and estimates for ground-up construction or additions. Through myABCsupply, its clients now have access to HOVER's array of solutions at preferential pricing. They can also charge HOVER jobs directly to their ABC Supply account, making it more straightforward for roofing and siding contractors to make special orders. Contractors bidding on new construction projects may expedite the bidding process and boost their trust in every proposal by decreasing the laborious human labor necessary to acquire measurements and generate estimates. With HOVER's innovative construction solution, ABC Supply clients can upload any design from their smartphone or personal computer and obtain precise measurements and siding and roofing quotes for their project within hours. This functionality eliminates the laborious process of scaling off blueprint drawings and the necessity for complicated spreadsheets or specialist software. In addition, HOVER converts a 2D drawing into a full-color 3D model, enabling contractors to excite homeowners with a digital model displaying the project in various materials and colors. This feature allows for contractors bidding on new projects to use 3D visualizations to distinguish their offers. About HOVER HOVER is a 3D data and technology firm for home repair and property insurance experts. It is building the most complete and useable data collection of the physical property to make home repair and new construction more accessible and transparent. Utilized by builders, insurance adjusters, and homeowners alike, HOVER is a mobile software that measures, plans, and estimates prices in a single location; smartphone images or blueprints of unbuilt buildings are converted into beautifully rendered, fully-measured 3D models of any property. In addition, the company, renowned for its industry-leading measurements, 3D renderings, and accurate project estimates, provides contractors with easy-to-use tools and configurable automation for every outdoor trade, task type, and team—all in one location.

Read More

ENGINEERING TECH

Cornell Engineering, Toyota MH Unveil World's First Learning Studio

Toyota Material Handling | March 08, 2023

On March 7, 2023, North America's eminent manufacturer of forklifts and material handling solutions, Toyota Material Handling (TMH), along with Cornell University's College of Engineering representatives, unveiled the revolutionary Toyota Forklift Learning Studio at Cornell's Sibley School of Mechanical and Aerospace Engineering. The world's first Forklift Learning Studio, a unique and dynamic cooperation between TMH and Cornell, gives students a creative outlet for real-world application in a new, immersive learning experience that could impact higher education. Their state-of-the-art learning studio has industry-leading products, components, and technology to connect students' curricula to real-world products. Forklifts will teach students about mechanical properties and how they fit into a more extensive system while exposing them to fluid mechanics, heat transfer, hydraulics, engines, transmissions, motors, etc. This experimental-learning facility, designed with the latest forklift technology, stimulates creative thinking, intellectual discovery, and real-world application of classroom theories, supporting a modern approach to education that balances lecture and lab sessions. Brett Wood, Toyota Material Handing North America President & CEO, remarked, "At Toyota, we believe making things is about making people, and this learning studio is a great example of that guiding principle." (Source – CISION PR Newswire) Brian Kirby, Associate Director of Undergraduate Affairs for Cornell's Sibley School of Mechanical and Aerospace Engineering, stated, "I became passionate about this when it became clear to me that students were motivated by seeing how what they learned in class applied to their everyday life and to their career opportunities, and they didn't want to wait very long to get to that point." (Source – CISION PR Newswire) About Toyota Material Handling Toyota Material Handling, founded in 1990 and headquartered in Columbus, Indiana, offers material handling products and solutions. The Toyota Production System emphasizes on quality, reliability, and customer satisfaction in over 230 North American facilities. Toyota dealers can solve many warehousing and distribution issues thanks to their industry-leading material-handling products. Toyota offers the most comprehensive material handling, automation, energy, advanced logistics, and warehouse optimization solutions for every application.

Read More

ENGINEERING TECH, CONSTRUCTION

Young & Associates Partners with YAES and Momentum Engineering

YOUNG & Associates | February 14, 2023

YOUNG & Associates (YA), announced a new partnership with both YA Engineering Services, LLC (YAES), a multi-disciplinary forensic engineering firm, and Momentum Engineering, a Los Angeles-based consulting firm specializing in accident rebuilding and investigations, forensic engineering, heavy truck safety, biomechanical services, graphics, and animation. CEO of YOUNG & Associates, Wade Bushman, said, "This investment in Momentum is a strategic step towards growing our engineering and professional services." He added, "Like YA, Momentum is recognized as an industry leader with a diverse base of experts who use a complimentary and creative approach when addressing client needs. We are pleased to have this talented team of experts joining the YAES team." (Source - PR Newswire) Momentum will continue to function as a subsidiary of YAES, with day-to-day operations overseen by the current Momentum leadership team, engineering team, and support employees. Jon Landerville, President of Momentum, stated, "Partnering with YA and YAES creates immediate opportunities for Momentum's clients to benefit from additional resources, capabilities, and experts across the country." He explained, "This allows us to provide expanded engineering and investigative services to our clients and better positions us for growth. We are excited to continue deepening our client relationships together with the outstanding YA team." (Source - PR Newswire) About YOUNG & Associates (YA) YOUNG & Associates (YA) is a full-service consultancy business for property damage. Headquartered in Nashville, Tennessee, with offices around the United States and portions of the United Kingdom, it seeks to serve its customers with the most complete and best-quality building consulting services. In addition, the company assists in managing the expenses connected with property losses, building damages, and claims resulting from builder's risk and construction defect exposures. Its Building Experts are well-versed in a vast array of Building Damage Assessment and Estimation, defining correct scopes of damage and determining acceptable cost values for building repairs.

Read More