DENVER, Nov. 8, 2021 /PRNewswire/ -- Assignar, a
cloud-based construction operations platform, today announces that
it has closed a $16.5 million
secondary financing round. The round was led by Tiger Global, an
investment firm focused on public and private companies in the
global internet, software, consumer, and financial technology
industries. SecondQuarter Ventures, the first secondaries fund in
Australia & New Zealand to focus exclusively on the
venture space, which is chaired by Leigh
Jasper, the founder of Aconex, a construction platform that
was acquired by Oracle, repeat investor Fifth Wall, and
Boston-based HighSage Ventures
also participated in the round.
Assignar has raised over $30
million in total funding since it was founded in 2014. In
response to investor demand, this round involved buying stock which
gave some early backers the opportunity to cash in some of their
equity.
"We're thrilled to have such strong interest from tech and
construction-related giants like Tiger Global and SecondQuarter
Ventures," said Sean McCreanor, CEO
and co-founder of Assignar. "This validation serves as further
proof that our platform is a critical need for infrastructure and
other construction sectors as it requires more project visibility
and access to operations data to drive better results. Partnering
with these firms will enable us to continue scaling and achieve
positive outcomes for our growing customer base."
Assignar offers an easy-to-use operations platform for
self-perform general and subcontractors on public and private
infrastructure projects in markets like the United
States, Australia, New
Zealand, and Canada.
Assignar supports hundreds of customers working on
multibillion-dollar projects in infrastructure, road, rail, heavy
civil, utilities, and other construction project types and
disciplines.
The platform streamlines operations and project schedules as
well as tracking crews, equipment and quantities, while improving
quality and safety. Assignar measures and monitors productivity and
progress with real-time data directly from contractors on the
project.
"We're thrilled to co-lead Assignar's secondaries round and join
some exceptional investors on the cap table," said Ian Beatty, Managing Partner
of SecondQuarter Ventures. "We know an exciting journey
lies ahead, and we're looking forward to many more transactions
along the way to help staff, management, and early investors
realize some of the value being created."
With Tiger Global, SecondQuarter and HighSage joining as
investors alongside Fifth Wall, Tola Capital and Our Innovation
Fund, Assignar has a depth and quality of investors that is unique
and exceptional in the construction technology space.
The company has already doubled its headcount in 2021 and
continues to invest heavily in R&D and product development to
further develop its core platform. It plans to introduce an
expansion in the first half of 2022 with powerful project
optimization capabilities, creating project visibility from the
owner through to specialty contractors, operations, schedulers and
laborers, coupled with a recommendation engine that leverages data,
AI, and machine learning to support planning and execution
processes.
"Our clients expect faster communication, committed delivery
schedules, nimble responsiveness, and for us to adapt to site
conditions without impacting their projects or business outcomes,"
said Shel Waggener, President of
American Asphalt. "Manual processes and tools don't meet those
needs. Having a modern construction operations solution like
Assignar that is fully digital and seamlessly integrates into our
financial system has enabled better and more accurate information
across the business. Assignar's capabilities are an absolute
differentiator for its customers."
To learn more about Assignar or request a demo of the platform,
visit www.assignar.com.
About Assignar
Founded in 2014 by Sean McCreanor and Marko
Tomic, Assignar is a cloud-based construction operations
platform that helps self-perform general and subcontractors improve
productivity and operations, such as labor crews, equipment,
materials & quantities, resource-loaded scheduling, field data,
timesheets, and more. The company was born out of Sean's
construction business while trying to solve problems of scale
related to the office and the field. Assignar works with hundreds
of customers, ranging from multinational, multi-billion-dollar
companies to specialist contractors with as few as five crews.
Assignar's customers operate in infrastructure, road, rail, civil,
utilities, and other construction projects & disciplines. The
company has offices in Denver,
Colorado and Sydney,
Australia and is backed by Tiger Global, SecondQuarter
Ventures, Fifth Wall, Ironspring Ventures, Our Innovation Fund
(OIF) and Tola Capital. For more information, visit
www.assignar.com.
About Tiger Global
Tiger Global Management is a
leading global technology investment firm with over $90 billion under management. The firm focuses on
private and public companies in the software, internet, and
financial technology sectors. Since 2001, Tiger Global has invested
in hundreds of companies across more than 30 countries, including
investments ranging from Series A to pre-IPO. The firm aims to
partner with dynamic entrepreneurs operating market-leading
companies in its core focus areas. Tiger Global's investments have
included JD.com, Toast, Databricks, UiPath, Stripe, Bytedance,
Snowflake, Facebook, Alibaba, Procore, Chime, Peloton, Attentive,
LinkedIn, and Flipkart.
About SecondQuarter Ventures
SecondQuarter is the
first venture secondaries fund in Australia. We provide liquidity to Australian
venture-backed technology companies which are valued at over
A$75 million and are rapidly growing.
Our goal is to quickly and simply help the founders of Australia's best technology companies meet the
liquidity requirements of early shareholders, staff and
founders.
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SOURCE Assignar Inc