Monday, October 3, 2022
HomeStartupEstimateOne picks up $35 million in first elevate

EstimateOne picks up $35 million in first elevate

Development tech firm EstimateOne has secured $35 million in funding from Potentia Captial and Leigh Jasper in its first capital elevate after greater than a decade of enterprise.

EstimateOne is a platform for connecting business development companies and subcontractors and has already been utilized by 50,000 organisations in Australia, New Zealand, the UK, and Eire.

Co-founder Michael Ashcroft stated now was the time to scale up by taking over traders.

“As the development trade is now at a turning level, pushed by provide chain points and labour shortages we recognise greater than ever the worth our platform gives, and that the enterprise is able to search funding to ship vital scale and progress,” he stated.

“Procurement issues are very costly for the trade and course of execution and decision-making has not been effectively supported by know-how.

“We need to change that.”

EstimateOne was based in Melbourne again in 2008 after Ashcroft and his co-founder Andrew Ritchie recognised the potential in digitising development tendering.

Ashcroft and Ritchie had been sole house owners of the enterprise which boasts an annual income in extra of $10 million.

As such, the choice to search out traders marks a dramatic shift within the EstimateOne’s construction which started with the appointment of CEO Chris Dobbyn early final 12 months.

Dobbyn led the capital elevate course of that now sees Potentia Companion Michael McNamara and its Managing Director Tim Reed be part of the EstimateOne board as administrators.

McNamara stated the funding agency was “delighted” to assist EstimateOne undertake its subsequent progress challenge.

“We’ve been extremely impressed by EstimateOne’s founders and administration staff, the distinctive office tradition and calibre of expertise, the care and thought that has been given to the corporate’s imaginative and prescient and values, and its sturdy market place,” he stated.

“We imagine the development sector is on the cusp of serious tech-led innovation, and look ahead to supporting EstimateOne develop its management place in Australia and offshore.”



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