CINCINNATI - March 22, 2022 - (Newswire.com)
Level Equity announced today it has doubled its investment in STACK Construction Technologies. The additional capital from this financing round will be used to further accelerate technology innovation and product growth - adding more value to STACK as the industry's most comprehensive subcontractor-focused platform.
"STACK continues to demonstrate its deep domain expertise with accelerating year-over-year growth. Delivering a platform that addresses the specific needs of the subcontractor is something that we're incredibly excited about. While the construction industry has made progress on digitizing critical workflows, most of that innovation has focused on general contractors, and we think the next wave of innovation will aim specifically at subs where there is no more capable provider to knock it out of the park than STACK," commented Ben Levin, Co-Founder and Chief Executive Officer of Level Equity. "With this recent round of funding, we are doubling down on STACK, which has shown consistently high and increasing growth since our original investment in 2018."
"We are incredibly fortunate to have such strong support from our growth partners at Level Equity. Our focus on helping subcontractors to win more profitable work still marks the foundation of our vision at STACK. Our award-winning subcontractor platform paired with our SaaS (Software as a service) DNA are the biggest drivers of our success. This latest round of funding will without a doubt accelerate our efforts to deliver even more value to our customers," commented Philip Ogilby, STACK Founder and Chief Executive Officer.
STACK is taking on additional funding in large part to expand its solution portfolio and to expedite development of essential enterprise capabilities which will help to better serve their mid and up-market subcontractor customers. Along with the impact to its technology platform, the company also anticipates increased hiring in the Cincinnati area, as well as remote work opportunities. STACK's total employee count will initially jump to approximately 140 people, with a goal of employing 200 within 12 months.
"I am extremely proud of the team we've built at STACK. We've been in high growth mode for a few years now, and all our folks are phenomenal," said Phil. "We're all dedicated to continuing to deliver a platform that provides the best preconstruction and construction solutions in the market and to empowering our to customers bid, win, and build more profitable work."
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Phil Ogilby, STACK Construction Technologies CEO and Co-founder, is available for interviews. Please contact Darcie Burroughs at dburroughs@stackct.com to book, and for more information about STACK and this release.
About STACK Construction Technologies:
From project evaluation to completion, contractors use STACK's cloud-based software to help run their business and maximize their profits. Our preconstruction solutions enable fast and accurate takeoff and estimating while our construction solutions power real-time field and project collaboration.
For more information on how STACK software is helping teams gain visibility, insight, and alignment throughout the bid process and in the field, visit stackct.com.
About Level Equity:
Based in New York, NY, and San Francisco, CA, Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology-driven businesses. Level provides long-term capital across all transaction types in support of continued growth. The firm has raised $3.0 billion in committed capital and has made over 90 investments since inception. For more information, visit www.levelequity.com
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Original Source: Level Equity Doubles Down on Construction Technology Investment
