Farukh Kitchlew | Feb 19, 2024 | 0
Agave’s $2.9M Seed Round: Bridging Construction Software Gaps
Agave recently raised $2.9 million in a seed funding round led by Accel. Its founders identified a common pain point in the construction industry – the lack of communication between various software systems.
These systems, developed over the past few decades, often do not communicate with each other, leading to fragmented data and additional work for construction teams. Hence, they introduced a unified API solution that lets construction software talk to one another. Accel’s backing highlights the potential of this solution.
Agave’s co-founders, Tom Reno, John Zucchi, Pooria Azimi, and Samantha Zhang, have extensive experience in data analysis, search engines, and product development. They previously collaborated at Graphiq and worked on projects related to construction management software.
Construction professionals often have to manually transfer data between different applications, causing inefficiencies and errors. Agave has developed a unified API that connects with more than 30 software systems used in construction. These systems fall into three categories: cloud-based software, hosted systems, and on-premises solutions. This data exchange streamlines invoicing, vendor verification, time tracking, and analytics.
The API also provides real-time analytics, allowing construction teams to make informed decisions and monitor project progress closely. The company has experienced rapid growth, quadrupling its revenue year-over-year and attracting 65 customers. The funding will be used to expand its engineering team, add more integrations, and scale its operations.