Construex, an Ecuadorian SaaS marketplace for the construction industry, has raised $4.6M in its initial funding round. Global venture capital firm Zacua Ventures and Fifth Wall co-led the round with participation from Brazilian firms ABSeed and Terracotta Ventures. This funding will drive Construex’s expansion across Latin America and enhance its platform.
The platform, founded in 2019, aims to modernize the traditional construction industry in Latin America, a market currently valued at over $520B. Construex addresses the supply chain challenges in the region, where only 4% of construction suppliers are tech-enabled. The platform connects construction product suppliers with customers, streamlining the procurement process.
“I was having trouble purchasing supplies, and so I started talking to my brother, who had been purchasing for the construction company for a long time, and we started understanding how to help other developers find a solution, too…”We offer a really good CRM to our suppliers, and virtual reality showrooms and integration through WhatsApp,” said Roberto Arroyo, Co-Founder and CEO of Construex.
Construex, which has reached profitability and doubled its revenue this year, will use the investment to expand to other countries in Latin America and to develop additional financial solutions. Construex recently won a gold medal in the 2023 Builders of the Future competition.
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