Finishing up a successful round of funding, daily reporting app and field management solution Raken has raised $10 million to aggressively expand its existing product and develop additional construction field management workflows.
Led by prominent venture capital firm U.S. Venture Partners (USVP) with participation from new investor Tao Capital Partners and existing investors Eniac Ventures, Rincon Venture Partners and Spider Capital, the Series A funding will allow the top-rated app to continue revolutionizing construction management.
“Our mission has always been to empower the construction field. We’ve helped construction companies on nearly 200,000 projects and the customer feedback has been incredible. Our partnership with USVP will allow us to accelerate product improvements, create new features and maintain world class customer service,” said Kyle Slager, CEO and founder of Raken.
Raken boosts construction productivity, safety compliance and risk mitigation by providing a software platform and app that streamline construction workflow processes such as daily reporting, time tracking and safety management.
“More companies in the construction industry are embracing new technologies and Raken is at the forefront of that adoption when it comes to daily reporting, workforce time tracking and other field management solutions,” said Dafina Toncheva, partner at USVP. “Raken is deftly meeting the growing demand for technology integration in the construction industry and we’re excited to participate in their increasing success.”
Since its founding in 2014, the company has experienced rapid growth. Today, Raken has more than 3,000 clients from all 50 states and 89 countries.
That success is expected to increase as the $7B construction software market continues to expand. A report by Software Connect revealed 82 percent of construction professionals surveyed plan to keep or increase their technology budget over the coming year. Two out of five respondents plan to buy or upgrade software, predominantly to track daily work and job costs.
Raken goes beyond just providing software. They pride themselves on building responsive solutions their customers love. Their app has maintained near a 5-star rating in both iOS and Android App Stores since its initial launch 4 years ago.
“At Raken, we do a significant amount of product feature testing and micro-pivoting to ensure we deliver true customer delight,” said Dr. Sergey Sundukovskiy, CTO/CPO and co-founder of Raken. “We’re only successful if our customers are successful – our retention numbers are best in class and an NPS score in the 70’s proves we’re doing a great job in that regard.”
The tech startup’s customer-driven approach isn’t the only way they distinguish themselves from traditional Silicon Valley.
Raken is based in San Diego, where it has access to a diverse, growing pool of technology talent and a healthy rich ecosystem for small business, with more than 25 business incubators and accelerators. According to CNBC’s Power City Index, San Diego County beats out Silicon Valley for best return on investment in local public companies by 1.2 percent.
Raken also stands out with their business strategy, which is very intentional.
“At Raken, we’ve always focused on capital efficiency, and consistent product-driven customer growth,” said Slager. “Our experiment-centric approach, business model and a focused product offering has allowed Raken to develop at the accelerated pace without incurring disproportionate business risk.”
“However, our true differentiation comes from our fanatical attention to the needs of our clients and delivering a product that they absolutely love,” said Sundukovskiy.
BuiltWorlds partnered with Raken on this article. Raken is a part of the burgeoning Venture ecosystem within the BuiltWorlds Network and you can find them attending BuiltWorlds Events around the country (Dr. Sergey Sundukovskiy spoke at our Venture Conference last month).
More on Raken
Raken provides innovative mobile technology to streamline field workflows for construction workers. Raken’s “digital toolbox” connects the field to the office with daily reports, time cards, project insights, photo management, and more. Clark Construction, AECOM, Skanska, Whiting-Turner, Hensel Phelps, and thousands of the world’s top construction companies use Raken to solve their field reporting needs. To find out more, visit www.rakenapp.com or Raken’s BuiltWorlds Directory Page.