The Agora platform announced that it had raised the new funding after a year of increasing its revenue eight times.
A tech startup that supports commercial construction customers in the procurement of building materials is planning to expand its staff and invest more in research and development after a new round of financing.
That Agora The platform announced Thursday that it had raised $ 33 million in Series B funding after a year of tripling the size of its team.
“Our cities stand before us an affordability crisis“Said Agora co-founder and CEO Maria Rioumine in a statement. “Our mission at Agora is to build the built environment faster and more efficiently. By modernizing the construction supply chain, we can drastically reduce construction costs and help make our cities more affordable and accessible to all. ”
During a year in which the prices of wood, Bricks and other materials were very volatile, Agora’s business was booming.
The company’s revenue increased roughly eight-fold last year as Agora expanded into 30 states, the company said.
That growth was a major factor in attracting the latest investors, including Tiger Global who led the way.
“We are excited about Agora’s strong traction, incredible market opportunity and proven track record with customers,” said John Curtius, partner at Tiger Global, in the statement.
Other investors have also helped, including 8VC, DST, LeFrak, Tishman Speyer, Jerry Yang, Michael Ovitz, and Kevin Hartz.
Agora offers services designed to help customers reduce the time it takes to process orders and manage building materials.
The platform enables retail companies to order and track these materials, communicate with people along their supply chains, and replace tedious manual data entry processes.
Agora services are an alternative to some existing processes that have been largely automated or outsourced to other industries.
Retail entrepreneurs often still rely on manual processes to keep track of their supply chains, Agora said. Communication failures, project delays, and wasted materials sometimes result from these legacy processes, the company said.
Some of these mishaps became particularly acute during the pandemic, as contractors tried to manage broken supply chains and unpredictable material prices.
In this environment, the company tried to stabilize the supply chains for its customers. The platform managed offers from various providers and helped fix prices in advance. It also aimed to help customers shorten the ordering process, which can sometimes stretch to several working days, while contractors communicate back and forth with suppliers.
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