Atlanta construction technology startup Flashtract Inc. raised $15 million to update the billing and payment process in the construction industry.
Inside the deal: Addition and Shine Capital, both venture capital firms based in New York, led the round.
Why it matters: The Series A round demonstrates the startup’s traction in the construction market. Atlanta is seeing high construction volume and has grown by 20% in the last decade, according to construction market analysis firm Cumming. Much of that growth is fueled by the city’s talent pool, which has attracted major corporate tech expansions in the past few years. That construction volume and talent pool has helped Flashtract’s growth, CEO Blair Chenault said.
About the company: Flashtract, which launched in January 2020, produces a cloud-based software that allows construction companies to better manage their billing and payment processes. The construction industry still uses traditional payment methods, such as spreadsheets and paper checks, which leaves room for payment errors and takes more time to complete, Chenault said. The software can be implemented within an afternoon, which stands out from other, similar software solutions that can take months to roll out, Chenault said. Flashtract has 32 employees and an office in Midtown.
What’s next: Flashtract plans to hire across all departments and has five positions currently open on its website. The round will also help the startup continue building out the network of contractors that use the software.
