Construction Management Software

Graneet Secures $2.8 Million Seed Funding

Graneet, a startup originating from France, has recently completed a $2.8 million (€2.4 million) seed funding round. The investment was spearheaded by Point Nine and Foundamental, signifying strong confidence in the company’s potential.

This vertical software-as-a-service company is specifically targeting the construction sector, focusing on the needs of small and medium-sized enterprises within the industry.

Addressing Financial Management Challenges in Construction

Graneet aims to establish itself as the leading financial management solution for construction companies. Their core objective is to empower these businesses with improved project control.

Currently, a significant portion of construction firms still depend on fragmented systems, primarily relying on multiple Excel spreadsheets. This reliance results in data silos and inefficient, repetitive data input.

Additional investors in this round included Jack Newton, Renaud Visage, Alexandre Guinefolleau, Arthur Waller, Philippe Gelis, and the founders of Colonies.

The Inspiration Behind Graneet

The impetus for Graneet stemmed from the personal experience of Jean-Gabriel Niel, the company’s co-founder and CEO. His mother, who manages a construction company, frequently expressed her difficulties in accurately predicting project profitability.

“She would tell me ‘this is crazy, I can’t figure out whether I’m going to gain or lose money for one out of two construction projects,’ ” Niel shared.

He subsequently analyzed the internal operations of his mother’s business – encompassing order processing, billing procedures, and more. His investigation revealed that Microsoft Excel remained the dominant tool.

Graneet’s Core Features

Graneet is designed to streamline three fundamental aspects of construction project management: quotations, billing, and resource allocation.

The company initially concentrated its efforts on developing a robust billing system. Graneet functions as a centralized hub, providing a clear overview of client payments, received amounts, and upcoming invoices.

Users can easily track outstanding invoices and mark them as settled.

Following billing, the focus shifted to quotations and lead management. The platform enables the creation of quotes directly within the system.

Upon client approval, project progress can be tracked by inputting a percentage of completion – a crucial metric in the construction industry.

Future Development: Resource Planning

With the recent funding, Graneet intends to expand its product offering to include resource planning capabilities.

This will allow users to manage subcontractors directly through the platform and allocate invoice amounts to multiple contractors.

Graneet clients will have the ability to invite subcontractors to the platform, granting them access to relevant project information without exposing sensitive data.

Subcontractors can also utilize the platform to submit monthly progress reports, potentially aiding in the acquisition of new clients.

Potential for Expanded Services

Looking ahead, Graneet envisions offering additional services to its customer base.

Many construction companies utilize factoring services – where outstanding invoices are purchased for immediate cash flow. Graneet could potentially facilitate advance payments directly through the platform.

This exemplifies the potential for Graneet to address the current lack of adequate software solutions within the construction industry. Demonstrating its ability to bridge this gap will unlock numerous product opportunities.