CPE News Brief (3.9.2024) – Ontraccr Technologies Inc. has announced $1.2 million seed funding round with investments from LAB Ventures’ PropTech Fund, Buildtech Ventures, and private investors including seasoned industry executives and key stakeholders.
The financing closed in December 2023.
Founded by Syed Ahmed (CEO), Shane McNamara (CTO), and Jas Nijjar (COO) in 2020, Ontraccr is a cutting-edge, no-code platform engineered for the construction industry, designed to streamline business operations through automation.
photo credit: Ontraccr Technologies
News Release
Ontraccr Technologies Secures $1.2 Million in Seed Funding to Transform Construction Management Technology Sector
VANCOUVER, March 6, 2024 – Ontraccr Technologies, a fast-growing innovator in construction management software, is thrilled to announce the successful closure of a $1.2 million seed funding round. This significant milestone marks a new chapter in Ontraccr’s mission to revolutionize the construction and field service industries with its unique no-code approach to operational management.
The funding round saw participation from a diverse group of investors, including seasoned industry executives and key stakeholders. Notably, the round also includes strategic investments from prominent PropTech/ConTech funds, LAB Ventures and Buildtech Ventures, signalling strong confidence in Ontraccr’s vision and technology.
Ontraccr’s platform stands out in the construction management field by offering a no-code solution that allows businesses to tailor their operational workflows easily, without the hassle and expense typically involved in customizing software. This capability is particularly valuable in an industry where every company has its unique processes, and many are stuck with rigid systems or face high costs to modify existing software to meet their needs. Ontraccr’s user-friendly and adaptable platform ensures that construction businesses of all sizes can efficiently adjust and optimize their operations, avoiding the one-size-fits-all trap that many other platforms fall into.
Ontraccr also focuses on helping businesses transition smoothly into digitizing their operations. The platform simplifies the technological landscape for construction companies by consolidating multiple tools into a single, integrated solution. This not only eliminates the clutter of using multiple disjointed applications but also enables companies to leverage real-time data from one central location, streamlining workflow and supporting informed decision-making.
McKinsey & Company’s research supports Ontraccr’s vision, showing that using digital platforms can boost productivity by 15% and cut project costs by 20%*. Gartner’s findings also reveal that companies with disjointed tech systems could face 30% higher costs due to inefficiencies, underscoring the value of streamlined platforms*.
Following exceptional initial traction, with numerous construction and field service companies adopting Ontraccr’s construction management platform, this new investment will accelerate the company’s growth trajectory. Plans include reaching a broader array of companies, expanding into more industry segments, and pushing further into the US market.
Syed Ahmed, CEO and co-founder of Ontraccr, expressed his enthusiasm for the future: “This investment is a testament to the hard work of our team and the innovative solution we’ve brought to the construction industry. Our no-code platform is not just a product but a paradigm shift in how construction management can be approached. We’re excited to use this funding to expand our reach, enhance our platform, and continue making construction management easier and more efficient for companies everywhere.”
With this new funding, Ontraccr Technologies is poised to redefine construction management software, offering unprecedented customization and efficiency to construction and field service companies worldwide.
About Ontraccr Technologies Inc.
Ontraccr is a cutting-edge, no-code platform engineered for the construction industry, designed to streamline business operations through automation. Our primary feature is an intuitive, no-code automation design, specifically crafted to meet the unique needs of construction companies. This user-friendly approach ensures businesses can easily tailor and adapt the platform without the need for expensive development.
As a comprehensive operational platform, Ontraccr eliminates the need for multiple applications, simplifying the infrastructure of construction businesses and enabling companies to utilize real-time insights in one place. This integration optimizes workflow and facilitates data-driven decision-making. Our platform’s adaptability makes it an exemplary solution for a wide array of construction businesses, establishing Ontraccr as the construction industry’s leading no-code platform for effective process automation.
For more information, please contact:
Syed Ahmed, CEO
604.356.2804
syed@ontraccr.com