Construction tech firm Mastt raises $6.8m to fund overseas expansion
LONDON, March 16, 2022
Construction technology startup Mastt has raised A$9.5 million ($6.8 million) less than 12 months after its seed round, as it aims to almost double its headcount and continue expansion abroad.
The round was led by VC firm OIF Ventures, with participation from Assignar co-founder and CEO Sean McCreanor, Assignar Chief Revenue Officer Chris Peterson and Mastt’s own Chief Technology Officer David Jablonski.
Existing investors Artesian, Significant Early Venture Capital, Investible and Gravel Road Ventures, the venture fund of Aconex co-founders Rob Phillpot and Leigh Jasper, also contributed to the heavily oversubscribed round.
Since Mastt’s last round of investment, the company has gone on to remotely expand into the US and Middle East, said the statement.
The company has quadrupled its monthly recurring revenue and is now used across over 500 global projects, totalling over $25 billion in value, it added.
Founded in 2019 by Doug Vincent, Raman Nambiar and Jamie Cerexhe, Mastt provides capital and infrastructure portfolio offices with a cloud Saas platform that provides a simple and transparent means to manage and report on their complex construction programmes.
In less than two years, the company has served federal government organisations and Fortune 500 companies.
Vincent, the Co-founder and Managing Director, said: "Our goal of clearing up the clutter of spreadsheets for large capital and infrastructure projects is resonating with the industry. The last 12 months showed we’re solving a real pain for capital program & portfolio owners."
"This funding helps us capitalise on the huge data potential our platform gives customers to drive predictive decision making and insights," noted Vincent.
"We’ll invest more in machine learning capabilities to help infrastructure portfolio managers make faster decisions, which is a big change considering managers previously made decisions based on over 60-day-old data," he added.
