$8M For Startup That Digitizes The Construction Supply Chain

An Israeli startup that has streamlined the purchasing of building materials has raised $8 million.

StructShare’s software solution helps subcontractors source and pay for the services and goods they need in construction projects.

StructShare says automating these processes reduces costs and material waste, prevents purchasing mistakes, and enables full control over spending and inventory. 

Procurement and material management plays a crucial role in ensuring construction projects are completed on budget and on time. The process is still largely manual and relies on emails, manual data entry, and legacy accounting systems which can cost subcontractors over five percent of their total revenue on each project.

The funding was led by Kompas, SeedIL, and Cemex Ventures. StructShare has raised a total of $10 million since being launched in 2021. 

Or Lakritz, Co-Founder, said: “We are excited to continue with our mission to help the people and businesses who are building our world thrive in this tough environment while transforming construction delivery, efficiency, and sustainability through best-in-class procurement management.”

Talia Rafaeli, Partner at KOMPAS, said: “StructShare has built a winning solution that has enabled the team to forge strong strategic partnerships and position the company as a category leader in the construction procurement space.

“Now more than ever, the movement and tracking of materials and components in construction is essential and can only be achieved through digital transformation solutions that promote greater sustainability. I am beyond excited to work with these inspiring founders and support this very necessary endeavor.”