By Construction Tech Review | Tuesday, September 22, 2020
ORLANDO, Fla. – RedTeam, a construction management platform for commercial contractors, today announces it has received a $5 million investment from JettyCove, a private equity firm focusing exclusively on technology companies. This investment will be used to help RedTeam deliver a host of new features for its growing customer base, and increase the visibility of its brand within the commercial construction industry.
RedTeam's construction management platform is a model example of the newest class of hyper-vertical enterprise applications, purpose-built to facilitate collaborative workflows in the cloud. RedTeam and other such solutions are shaking up industries as they displace manual workflows and legacy, back-office software applications.
Having been initially developed by a commercial general contractor for its own use, RedTeam is truly a product built out of need for a better way to manage construction.
"Our hands-on experience in the industry has kept us very dialed in to the real challenges facing commercial contractors every day, and that's earned us a reputation for providing a platform that is the best value in the business," says RedTeam CEO, Michael Wright.
Earlier this year, RedTeam made the Inc. 5000 list of fastest growing companies, having achieved a three-year compound annual growth rate of 160 percent.
According to Wright, “Our partnership with JettyCove allows us to consolidate our best value position in the market and continue our aggressive investment into our platform to meet the evolving and expanding needs of our customers and the industry.”
“JettyCove has been monitoring the progress of RedTeam and its footprint in the construction industry, and we are thrilled to partner with them on this next part of their journey,” said Jamie Nissen, Founding Partner at JettyCove. “RedTeam was designed and built by GCs, which is why it resonates so well with GCs that understand how good software can be critical to their business. Commercial construction is entering a wave of cloud adoption, and RedTeam is going to be a great option for a large percentage of the market.”
Most recently, RedTeam has accelerated the rollout of new digital collaboration features and products to help the construction industry adapt to the COVID-19 pandemic. Collaboration through digital workflows has enabled its customers to overcome unprecedented obstacles to getting their jobs done.
RedTeam is used by more than 500 general contractors to manage a collective $3 billion of work in progress.