Sydney construction software startup Assignar has secured $3 million of capital in a series A round.
Venture capital firm Our Innovation Fund (OIF), also based in Sydney, led the round that will help Assignar boost local sales then expand its presence in the US market, where it already has a small client list.
Assignar co-founder and chief Sean McCreanor predicted that construction tech in Australia will boom in the coming years because of the federal government’s $75 billion infrastructure spend, not to mention the $16 billion in existing developments.
“We couldn’t be more excited about the next phase of Assignar’s business growth,” he said.
“Partnering with OIF provides us with not only the capital we need to continue to grow and expand, but, more importantly, they’re a true partner that will help guide the strategic direction of the company, open doors and help us take this business to the next level.”
Assignar’s system allows a construction company to keep track of its workforce, assets and regulatory compliance, which are often done in spreadsheets. The software provider already has big names like Lendlease, Sydney Trains, UGL and Liebherr in its trans-Pacific clientele.
OIF founding partner David Shein said that he hoped the new investment would turn the startup into the global leader in construction software.
“We believe Assignar has the potential to be a great Australian technology company, exporting its product to the world and one that we can all be immensely proud of,” he said.
OIF is an early-stage venture capital firm that has $50 million in its pot. The organisation is led by founding partners Shein, who sold his company Com Tech in the 1990s for $1 billion to multinational Dimension Data, former Investec Bank Australia chief Geoff Levy, and former Deutsche Bank and CBA exec Jerry Stesel.
Assignar’s capital raising was revealed at the same time as fintech EFTsure’s $2 million series A, which have become the eighth and ninth investments for OIF since its establishment late last year.