Paris, December 13th, 2018. — FINALCAD, a leading construction mobile platform, today announces a $40 million Series C round, led by Draper Esprit, accompanied by Cathay Innovation and with the support of Salesforce Ventures. The investment will enable the company to significantly accelerate operations across Europe and Asia, as demand for their mobile-first construction app increases.
Along with existing French investors Serena, Aster and CapHorn Invest, additional international investment funds are joining FINALCAD. Newcomer investors include leading European fund Draper Esprit, the global VC fund Cathay Innovation, and the global investment group of Salesforce, the global leader in CRM, Salesforce Ventures.
$10 trillion is currently spent on construction globally, with that number expected to double over the next 20 years. Yet the industry suffers from chronic low productivity. According to McKinsey, while overall productivity has risen by 30% since 1995 in the UK and Germany, productivity in the construction industry has risen by only 7%. Simultaneously, the adoption of digital technology has been very low; the industry still predominantly uses manual, non-digital processes. With a rise in population, and the consequent need for more infrastructure and housing worldwide, the need to build in more efficient, cost-effective ways could not be more pressing.
FINALCAD was founded in 2012 by Jimmy Louchart, Joffroy Louchart and David Vauthrin, to solve this exact problem. The company enables construction companies to improve their operational efficiency through a mobile digital platform. Site engineers, Foremen, Architects and Consultants can work together on their app, enabling collaboration across a wide variety of workflows both on site and at the office. Their app is not just a communication tool, but also enables users to work on drawings, BIM models, tasks, controls, safety procedures and progress monitoring. FINALCAD can then provide insights and best practices at a company level, thanks to their analytics technology.
With this additional firepower, FINALCAD are well positioned to build on their progress in Europe and Asia, as they execute on their mission to digitise the construction industry. The new funds will enable the company to:
- Extend their SaaS Product platform from Buildings and Infrastructure, to Energy and Operations & Maintenance.
- Hire 100 people to better serve its global customers.
- Invest in R&D around Construction Insight Platform, to provide predictive insights.
The company now employs 170 people, across 12 countries and has serviced over 20,000 projects since inception. Their customers include leading construction firms such as Shimizu, Eiffage, RATP and PT PP.
“When we raised our Series B in 2016, we intended to implement pivotal change: moving from a project-based business model to a company-wide digital transformation one. This involved covering all the main activities of our industry: buildings, infrastructure, energy, operations and maintenance. Since then, we validated this shift with some major contract wins in Europe and Asia. Now this Series C allows us to fully deploy our new strategy on a global scale. We firmly believe that this unique approach is coming to fruition, and the value we bring to our customers is the right path towards changing the way we build. We want to help our customers have a strategic advantage in their competitive landscape.” — Jimmy Louchart, Co-Founder and CEO, FINALCAD.
“ FINALCAD is exactly the kind of company we invest in: a growth stage company, with a proven business model, seasoned management team, and a truly disruptive solution for a global market. We see the great opportunity ahead of us and are excited to partner with them as they build what we believe is the future of the construction industry. ” — Ben Tompkins, Managing Partner, Draper Esprit.
“ We are very proud to be part of FINALCAD’s investor base and to support the company on this new journey. With its mobile-first platform and a proven international DNA, FINALCAD has become a leader in the digitalization of the construction sector. We look forward to leveraging our platform to help bridge its platform across the three continents and accelerating its growth in new European and Asian markets ”, said Denis Barrier, Co-Founder and CEO of Cathay Innovation.
“At Salesforce Ventures, we invest in companies bringing cutting-edge solutions to our customer base. After examining the construction tech industry, we decided to invest in FINALCAD because of its innovation and drive to scale globally. We are excited to be part of bringing construction tech to our customers.” — Alex Kayyal, Partner and Europe Head, Salesforce Ventures.
FINALCAD is the global leader in digital transformation for construction, infrastructure and energy. Its unique combination of software, change management, and data helps construction stakeholders to change the way they build. Since 2012, FINALCAD has delivered more than 20,000 projects across 35 countries, and has secured over $63 million in funding from investors including Draper Esprit, Cathay Innovation, Salesforce Ventures, Serena, Aster, and CapHorn Invest. For more information please visit www.finalcad.com