Rhumbix Raises $11M to Assist Construction Industry in Digitizing Field Operations
SAN FRANCISCO, September 21, 2021-- Rhumbix, the mobile-first platform helping General Contractors, Trade Contractors, and Owners digitize their field workflows, reporting, and analytics; today announced the closing of $11 million in growth capital to scale its Connected Field Platform–bringing its total funding to $49 million.
"Rhumbix modernizes construction field operations by transforming your field reporting into productivity insights," said Rhumbix co-founder and CEO Zach Scheel. "The ability to share data in real-time and communicate with stakeholders no matter the location is especially valuable in our current working environment. We are fortunate to partner with investors like Blackhorn Ventures, Tenfore Holdings, and TFX Capital, who share our enthusiasm and excitement for the large market opportunity being created by digital transformation and the future of work in the construction and field service industries."
The investment, co-led by Blackhorn Ventures and Tenfore Holdings, with participation from existing investors Greylock Partners, Glynn Capital, and Darren Bechtel of Brick & Mortar Ventures, will be used to invest in growing the company's product and go-to-market teams, including the recent additions of Bill Smith as President of Commercial Operations and Rob Blau as Vice President of Engineering.
"Unlocking the value of digitization is now critical for enterprise success in the construction industry," said Trevor Zimmerman, co-founder and managing partner of Blackhorn Ventures, which also previously led a $14.3M Series B funding round with Rhumbix. "Rhumbix continues to be the best-in-class platform for digitizing and collecting field-level data that's necessary to fuel the construction ecosystem."
Founded in 2014 by Navy veterans with deep experience in the construction industry, Rhumbix's technology is the first to close the gap between the field-level workforce and management in the home office by providing real-time data and insights for all project stakeholders.
"Rhumbix is playing a role accelerating digital transformation initiatives in construction with a data-centric approach to the sector," said Dan Levine, managing member of Tenfore Holdings. "By digitizing, synthesizing, and delivering smart analytics on construction project data, the company unlocks real-time insights on labor costs and production processes to help field and corporate teams alike make more informed decisions faster."
With this financing round, Rhumbix also welcomed a new investor in TFX Capital, a founder-focused venture capital firm with deep expertise grounded in scaling B2B technology companies led by service-driven, former military leaders. Founded by two US Navy Veterans who served in Operations Iraqi and Enduring Freedom, Rhumbix shares in TFX Capital's deep appreciation for the importance of service-driven leadership that is focused on solving some of the most pressing business challenges through technology innovation.
"Rhumbix has proven the importance of digitizing field-based workflows and data to maximize resource efficiency and deliver optimal returns on investments for its customers," said Brandon Shelton, Managing Partner and Founder of TFX Capital. "Stemming from its military-founder origins, Rhumbix has done a phenomenal job of cultivating a culture and product that is shaping the future of workforce technology, empowering strong leaders, and delivering value to general contractors and subcontractors. As the company now scales its deployment of the Connected Field Platform, we are proud to build on our existing relationship and co-invest alongside Blackhorn Ventures, Tenfore Holdings, Greylock Partners, Glynn Capital, and Brick & Mortar Ventures."
"In the past year, Rhumbix has seen a nearly threefold increase in the number of workers on the Platform and has deployed on over 100,000 projects," said co-founder and COO Drew DeWalt. "Our timekeeping product has been used to process over $3B in payroll wages, and our T&M module has helped contractors improve recovery rates and reduce time to payment on over $350M in cost-reimbursable, out-of-scope work. Rhumbix is a proven field-first solution used by many of the largest General and Trade Contractors in North America, including Turner Construction, DPR. The most exciting aspect is that in many ways, we're just getting started."
Rhumbix is a mobile-first construction platform designed to connect field and office with data-driven reporting. For more information, visit www.rhumbix.com.
About Blackhorn Ventures
Blackhorn Ventures invests in companies that redefine industrial resource efficiency. Founded by experienced operators and investors, Blackhorn has a founder-friendly ethos, providing maximum support with minimum interference. Visit www.blackhorn.vc to learn more.
About Tenfore Holdings
Tenfore Holdings is an investment management firm that provides operational value-added to growth-stage companies where technology plays a transformative role.
About TFX Capital
Established in 2015, TFX Capital is a veteran-led venture capital firm focused on investing in high-performing, accomplished, and commercially-tested former military leaders, building early-stage technology (B2B) and technology enabled businesses. Learn more at www.tfxcap.com.
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