TradeTapp announces seed financing

The construction tech startup raised it’s first $500k in March

March 9, 2018 — New York based construction software startup, TradeTapp, Inc., announced today that it has successfully raised $500,000 in an angel equity investment financing round led by a consortium of construction industry allies and executives. The company says that the financing will remain open through Q2 2018 to allow for additional investment from strategic and angel investors.

TradeTapp is a SaaS platform whose focus is on using technology and financial analysis to help the construction management industry take smarter risks. The platform assists general contractors in assessing the companies they hire as subcontractors by using a proprietary algorithm designed to identify risks based on industry data. In addition, TradeTapp’s product allows it’s clients to evaluate a prospective project and makes corresponding recommendations for risk mitigation controls to be implemented. Since launching in 2016, TradeTapp has already been adopted by some of the leading construction firms in the country, and has gained additional praise from the insurance and brokerage marketplaces that support construction.

Companies like AECOM Tishman, Hunter Roberts Construction Group, New Line Structures, and Hudson Meridian Construction Group rely on TradeTapp to mitigate subcontractor risk.

Use of Funds

This initial equity financing round enables TradeTapp to accelerate the development of its product roadmap, including its machine-learning engine to improve data-based risk identification, as well as improved functionality in the data extraction process. The funding round will also help further expand the product’s geographical footprint.

“Bootstrapping this product through a solid foundation of revenue meant a lot to all three of the founders and we were successful in that approach from launch until now.” says Co-Founder and CEO Justin Levine. “We wanted to prove not only product-market fit, but also our own ability to build a sustainable business. We decided to capitalize on our momentum from last year by raising this capital, and now we feel like we can more aggressively pursue other regional marketplaces with the model that we validated here in New York.”

In addition to supplementing development efforts, TradeTapp intends to build out their sales team in 2018. The company has plans for additional product features targeted towards the insurance marketplace, and will need dedicated business development personnel to help market their products. “TradeTapp began as a subcontractor qualification tool which closely aligns with the construction insurance marketplace” says Levine, “There are so many transactions and touch points between those two parties. In the long term, TradeTapp has the capability of becoming the primary conduit between insurance company and contractor, providing much needed efficiency to the underwriting process.”

About

TradeTapp was founded in February of 2016 by Justin Levine, James Blouin, and Neil Tan. Prior to starting TradeTapp, Levine spent three years as a risk manager for a large general contractor. The company is headquartered in New York City.

This is not a solicitation for funding.