Flashtract, a cloud-based software company that is dramatically improving billing and payments for construction projects, announced today the close of a $15 million Series A funding round led by Addition and Shine Capital. The new financing will help Flashtract accelerate the growth of its team, as well as rapidly scale its network of new contractors, cementing its position as the industry standard for sending and receiving payments across its connected ecosystem.
Despite relying on technology in the field, the construction industry is one of the last major sectors yet to effectively leverage technology to streamline and optimize office operations. Payment and billing are typically done via Excel spreadsheets and paper checks, leaving room for human error and subcontractor payment delays, negatively impacting a project’s bottom line. With the sector still squarely reliant on traditional methods of conducting business, Flashtract has seized this white space to finesse a software platform designed to save time and resources for contractors’ accounting and finance teams. With its intuitive user experience, Flashtract can be rolled out in one afternoon, differentiating itself from traditional construction technology that can take upwards of six months to implement.
“Flashtract is committed to maximizing value for its customers, offering an innovative, flexible and efficient solution for billing processes in the traditionally rigid construction industry,” said Lee Fixel of Addition. “We were impressed by Flashtract’s significant growth, and we look forward to supporting the company as it continues to solidify its position as the billing solution of choice for the construction space.”
Flashtract continues to innovate its software capabilities for more efficient billing and payment offerings, automated lien waiver collection, digital signatures, and insurance tracking, all while maintaining outstanding training and support for users. Additionally, the application is solving for the newer and more nuanced need for diversity and inclusion tracking on many construction projects. The new funding will help bolster these advancements and provide streamlined communication channels between general contractors and subcontractors within the highly fragmented construction industry.
“Construction professionals today are pulled in more directions than ever before, creating an overwhelming need for software solutions that optimize traditional processes,” said Blair Chenault, Co-founder and CEO of Flashtract. “Our goal is to continue evolving our product to eliminate the silos that exist for general contractors and subcontractors. With many complex issues facing the construction industry today – including labor shortages and supply chain problems – payments and billing should be the last thing creating stress for these professionals.”
Since its launch in January 2020, Flashtract has experienced significant growth across the company, now employing 32 team members. Over the course of 2021, the company saw a 300% increase in payment application volume, with a 400% increase in total dollars billed by customers, totaling multiple billions. This rapid expansion is helping advance Flashtract’s mission of building one connected billing and payment network for the entire construction industry.
To learn more about Flashtract, go to www.flashtract.com.
Flashtract is a cloud-based software company that simplifies the billing and payment process for contractors. Flashtract is designed to track, manage and expedite payment applications, lien waivers, compliance requirements, change orders, and all other documents that keep construction projects running. Flashtract was built specifically for construction, which creates a level of focus and drive that has made the organization the fastest-growing billing solution in the industry.
In addition to its core functionality, Flashtract works alongside contractors’ existing technologies like accounting programs, ERP systems, and project management tools. The company focuses on being easy to work with, having an implementation time of just a few hours, and providing a “usage-based” pricing model, which allows companies of all sizes to take advantage of this new approach to construction billing. Most importantly, Flashtract maintains the highest level of customer satisfaction, which can be seen at Capterra. Learn more about how Flashtract is empowering construction organizations across the country here.