Assignar Closes $16.5 Million In Secondary Sale To Tiger Global & SecondQuarter Ventures
Assignar, a cloud-based construction operations platform, announces that it has closed a $16.5 million secondary financing round. The round was led by Tiger Global, an investment firm focused on public and private companies in the global internet, software, consumer, and financial technology industries. SecondQuarter Ventures, the first secondaries fund in Australia & New Zealand to focus exclusively on the venture space, which is chaired by Leigh Jasper, the founder of Aconex, a construction platform that was acquired by Oracle, repeat investor Fifth Wall, and Boston-based HighSage Ventures also participated in the round.
Assignar has raised over $30 million in total funding since it was founded in 2014. In response to investor demand, this round involved buying stock which gave some early backers the opportunity to cash in some of their equity.
“We’re thrilled to have such strong interest from tech and construction-related giants like Tiger Global and SecondQuarter Ventures,” said Sean McCreanor, CEO and co-founder of Assignar. “This validation serves as further proof that our platform is a critical need for infrastructure and other construction sectors as it requires more project visibility and access to operations data to drive better results. Partnering with these firms will enable us to continue scaling and achieve positive outcomes for our growing customer base.”
Assignar offers an easy-to-use operations platform for self-perform general and subcontractors on public and private infrastructure projects in markets like the United States, Australia, New Zealand, and Canada. Assignar supports hundreds of customers working on multibillion-dollar projects in infrastructure, road, rail, heavy civil, utilities, and other construction project types and disciplines.
The platform streamlines operations and project schedules as well as tracking crews, equipment and quantities, while improving quality and safety. Assignar measures and monitors productivity and progress with real-time data directly from contractors on the project.
“We’re thrilled to co-lead Assignar’s secondaries round and join some exceptional investors on the cap table,” said Ian Beatty, Managing Partner of SecondQuarter Ventures. “We know an exciting journey lies ahead, and we’re looking forward to many more transactions along the way to help staff, management, and early investors realize some of the value being created.”
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With Tiger Global, SecondQuarter and HighSage joining as investors alongside Fifth Wall, Tola Capital and Our Innovation Fund, Assignar has a depth and quality of investors that is unique and exceptional in the construction technology space.
The company has already doubled its headcount in 2021 and continues to invest heavily in R&D and product development to further develop its core platform. It plans to introduce an expansion in the first half of 2022 with powerful project optimization capabilities, creating project visibility from the owner through to specialty contractors, operations, schedulers and laborers, coupled with a recommendation engine that leverages data, AI, and machine learning to support planning and execution processes.
“Our clients expect faster communication, committed delivery schedules, nimble responsiveness, and for us to adapt to site conditions without impacting their projects or business outcomes,” said Shel Waggener, President of American Asphalt. “Manual processes and tools don’t meet those needs. Having a modern construction operations solution like Assignar that is fully digital and seamlessly integrates into our financial system has enabled better and more accurate information across the business. Assignar’s capabilities are an absolute differentiator for its customers.”
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