USA – Agora Systems, a San Francisco, California-based company that’s streamlining the materials supply chain for commercial trade contractors, raised $7M in Series A funding.
The round, which brings the total amount raised by Agora to $11M, was led by 8VC, with participation from Tishman Speyer, Suffolk Construction, Kevin Hartz, Abstract Ventures, and BoxGroup. Co-Founded by Maria Rioumine and Ryan Gibson, Agora provides commercial trade contractors with a platform to streamline the materials supply chain, reducing costs, saving time, and allowing teams in the field to focus on building. Its materials management platform connects field foremen, purchasing teams, and vendors on one dashboard and gives them the tools they need to collaborate. The company is first focusing on the electrical trade, the largest trade in the US, and is currently being used to build a wide variety of public and private projects including medical centers, multi-family residential, retail and office spaces, educational facilities, and industrial work. The company is currently processing $50M in annualized purchase orders. The field app allows foremen to submit requisitions in under 30 seconds, track order status in real time, and flag delivery errors instantaneously. On the office side, purchasing teams can manage vendor pricing, do more bids, and process purchase orders fast.03/11/2020
