Suppli, a digital accounts receivable platform that enables construction suppliers to leverage their credit department as a competitive advantage, announced today that it has raised $3.1 million in seed funding. The round was led by Equal Ventures, with participation from Audacious Ventures, Dash Fund, Chase Gilbert, Built Technologies, and Ali Javid, Wrapbook.
With multiple new features and financial products planned for this year, the new financing will allow Suppli to build on its current momentum and expand its team and product offerings.
The company said in a blog post that-
“The big brands like Builders FirstSource, Home Depot, and Lowes are hiring thousands of software engineers and investing billions in customer-facing technology to capture these modern buyers. Simply having an online payment portal isn’t enough. Suppli levels the playing field for independent vendors allowing them to offer a comprehensive solution with features like text-based payments, automated lien waiver requests, one-click deposits, full mobile-responsiveness and more,” said Ryan Ayers, Suppli co-founder. “We are 100 percent focused on material vendors which enables us to deliver these last mile features, build true integrations with industry ERPs and charge a simple flat fee similar to what most vendors pay for just basic payment processing today. With this investment, we’ll be able to significantly grow headcount, offer new services and accelerate product development.”
Suppli is a digital accounts receivable platform that enables construction suppliers to turn their credit department into a competitive advantage. Top material vendors leverage Suppli to deliver the digital customer experience their customers demand and supercharge their credit teams with tools to get paid faster and reduce risk. Suppli is led by a veteran founding team of building materials suppliers, software engineers and financial experts.
While over $500 billion in construction materials are sold in the United States each year, many vendors rely on manual paperwork, homemade spreadsheets, or out-of-date software solutions that do not address the industry’s unique workflows or meet the demands of an increasingly digital customer base. According to the U.S. BLS Employment Projection, by 2024, 60 percent of material buyers will be digital natives.
Currently, paying for construction materials necessitates more than 15 documents on average for each sale, it takes approximately 83 days to get paid in construction, and more than 40% of suppliers do not accept online payments.
Suppli is the only software solution that enables independent material suppliers and distributors to transform routine account management and payment tasks into a delightful, digital customer experience that rivals national and big box suppliers.
Suppli also provides construction credit and finance professionals with the cutting-edge tools they need to manage accounts more effectively, allowing them to focus on value-added customer service. This is especially important given today’s tight labor market and the need for vendors to attract younger workers who require cutting-edge software.