SAN FRANCISCO, September 21, 2021 / PRNewswire / – Rhumbix, the mobile platform that helps general contractors, trade contractors and homeowners digitize their workflows, reports and field analyzes; today announced the closure of $ 11 million in growth capital to develop its connected field platform, thus bringing its total funding to $ 49 million.
“Rhumbix modernizes construction field operations by transforming your field reports into productivity insights,” said Rhumbix co-founder and CEO Zach Scheel. “The ability to share real-time data and communicate with stakeholders, regardless of their location, is especially valuable in our current working environment. We are fortunate to partner with investors such as Blackhorn Ventures, Tenfore Holdings and TFX Capital, who share our enthusiasm and excitement for the great market opportunity created by digital transformation and the future of work in the sectors. construction and field services. “
The investment, co-led by Blackhorn Ventures and Tenfore Holdings, with participation from existing investors Greylock Partners, Glynn Capital and Darren Bechtel of Brick & Mortar Ventures, will be used to invest in the growth of the company’s product and go-to-market teams, including the recent additions of Bill smith as president of business operations and Rob blau as vice president of engineering.
“Unlocking the value of digitization is now essential for the success of companies in the construction sector,” said Trevor Zimmerman, co-founder and managing partner of Blackhorn Ventures, who also previously led a $ 14.3 million Series B round table with Rhumbix. “Rhumbix continues to be the best-in-class platform for digitizing and collecting field data that is needed to power the construction ecosystem. “
Founded in 2014 by Navy veterans with extensive experience in the construction industry, Rhumbix technology is the first to bridge the gap between the field workforce and home office management. by providing real-time data and information to all project stakeholders.
“Rhumbix is playing a role in accelerating digital transformation initiatives in construction with a data-centric approach to the industry,” said Dan Levine, Managing Member of Tenfore Holdings. “By digitizing, synthesizing and providing intelligent analysis on construction project data, the company unlocks real-time information on labor costs and production processes to help field teams and business to make more informed decisions faster. “
With this funding round, Rhumbix also welcomed a new investor in TFX Capital, a founders-focused venture capital firm with deep expertise based on scaling up B2B technology companies led by d ‘former service-oriented military leaders. Founded by two U.S. Navy veterans who served in Operations Iraq and Enduring Freedom, Rhumbix shares TFX Capital’s deep appreciation for the importance of service-oriented leadership that focuses on solving some of the business challenges. most urgent thanks to technological innovation.
“Rhumbix has proven the importance of digitizing workflows and field data to maximize resource efficiency and deliver optimal ROI to its customers,” said Brandon shelton, Managing partner and founder of TFX Capital. “Due to its military background, Rhumbix has done a phenomenal job cultivating a culture and product that shapes the future of workforce technology, empowering strong leaders and delivering value to entrepreneurs. general and subcontractors. As the company now expands its Connected Field Platform deployment, we are proud to strengthen our existing relationship and co-invest alongside Blackhorn Ventures, Tenfore Holdings, Greylock Partners, Glynn Capital and Brick & Mortar Ventures. “
“Over the past year, Rhumbix has nearly tripled the number of workers on the platform and deployed on over 100,000 projects,” said the co-founder and COO. Drew DeWalt. “Our timing product has been used to process more than $ 3 billion in wages, and our T&M module has helped contractors improve collection rates and reduce payment time over more than $ 350 million in the context of off-screen work and at reimbursable costs. Rhumbix is a field proven first solution used by many of the largest general and specialist contractors in North America, including Turner Construction, DPR. The most exciting part is that in many ways we are just getting started. ”
Rhumbix is a mobile construction platform designed to connect the field and the office with data-driven reporting. For more information visit www.rhumbix.com.
About Blackhorn Ventures
Blackhorn Ventures invests in companies that are redefining industrial resource efficiency. Founded by experienced operators and investors, Blackhorn has a founders-friendly philosophy, offering maximum support with minimum interference. Visit www.blackhorn.vc to learn more.
About Tenfore Holdings
Tenfore Holdings is an investment management firm providing operational value to growing companies where technology is playing a transformative role.
About TFX Capital
Founded in 2015, TFX Capital is a veteran-led venture capital firm focused on investing in high-performing, commercially accomplished and tested former military leaders, creating early stage (B2B) technologies and businesses technological. Learn more about www.tfxcap.com.