Funds will be used to expand product portfolio in mission to digitize the construction industry
SupplyHound, an order management platform for professional contractors and their suppliers, announced $2.5M in seed funding. The investment round was led by Point72 Ventures and included new investments from Basecamp Fund and several SupplyHound customers. Existing investors also participated.
The funding enables SupplyHound to accelerate its SaaS-based product build after receiving positive customer feedback from initial beta launches. With minimal dollar investment, SupplyHound has established itself as a brand with contractor and supplier customers in its two markets – San Francisco and Phoenix – by providing an online materials acquisition platform.
Read More: MetricStream Recognized As A Leader In The 2021 Gartner® Magic Quadrant™ For IT Risk Management…
Jim Margolis, payments entrepreneur and amateur builder, founded SupplyHound after experiencing the inefficiency of materials acquisition firsthand. “Building a successful technology platform for the trillion-dollar yet notoriously analog construction industry requires having a meaningful relationship with both sides of the market,” said Margolis. “Using tightly controlled logistics as an entry point gives us a true end-to-end offering and allows us to maintain a daily dialogue with our customers. They know us as a trusted partner on the journey to modernize the industry.”
Pete Casella, Partner at Point72 Ventures, said, “SupplyHound is creating an innovative, end-to-end solution to address the supply and demand bottlenecks between contractors and suppliers. The company already has gained early notable traction with revenue, suppliers, and contractors on the platform. Its core products – order management and logistics – are highly sticky and its position as a central connection point between supplier and contractors can unlock multiple paths to expand into financial products and services. We believe SupplyHound can become an essential business for hundreds of thousands of contractors and suppliers.”
Margolis added, “Construction materials delivery is a durable customer acquisition tool, but the vision for SupplyHound extends well beyond the movement of supplies. Point72 and our investor group understand our goals and have the knowledge and experience to help us capitalize on the opportunity ahead, which is why we are thrilled to partner with them.”
Read More: SalesTechStar Interview With Peter Leddy, Vice President, Global Partner Organization At Qlik