After an impressive new round of funding, the construction payment ecosystem platform zlien has secured $10 million to open a new office in Austin and hire more than 50 additional staffers onto their team. Led by S3 Ventures with return backers including Altos Ventures, Brick & Mortar Ventures, alongside others, the round will allow zlien to continue developing innovative new payment technology.
It’s well known that the construction industry has been long plagued with inefficient payment processes. Contractors get buried by paper documents and the slow nature of doing business burdens relationships. That’s where zlien comes in: preliminary notices, pay applications, lien waivers, and so much more can all be handled digitally with their platform. It’s an all-in-one solution to a longstanding construction industry issue.
“Unlike any other industry, construction has multiple stakeholders making payments and getting paid for the same work at the same time,” zlien CEO Scott Wolfe explains. “Everyone’s dollars are at risk to one another. For decades and decades, paperwork, laws, and processes have piled on to protect one stakeholder against another.”
S3 Ventures aims to “make construction payment issues a thing of the past” with their latest partnership. The $10 million funding round brings zlien’s total funding to date to $16.7 million, thus making this latest influx their largest to date.
“We’ll be expanding our sales, marketing, product, and engineering teams, and adding more leadership into the fold,” Wolfe said. “We have a strong vision to kill off construction liens, fix slow payments, and eliminate bad outcomes, and this expansion will keep marching us toward that bright future.”