Clearstory, a change order communication platform for the construction sector, has closed a $16m Series B financing round led by early-stage venture company Prudence.
This latest funding is said to increase the company’s total capital to $35m.
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The financing saw participation from industry ventures and existing investors, including Jackson Square Ventures, Building Ventures, GS Futures, and Cloud Apps Capital Partners.
Clearstory CEO Cameron Page said that the new capital is expected to expand the platform’s capabilities, enhance product development, and foster growth and innovation.
The platform offers collaborative workflows and real-time visibility features to mitigate risk for general contractors and expedite approval and payment process for speciality contractors’ change orders.
By automating administrative tasks and integrating with other construction technology platforms, Clearstory reduces the administrative load on construction projects.
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By GlobalDataSince its launch in 2018, Clearstory is said to have been adopted by a range of construction industry stakeholders, including owners, general contractors, and speciality contractors.
The platform has a network with more than 19,000 change orders being processed monthly.
Clearstory digitises the entire change order process, offering collaborative tools that ensure visibility and a unified source of truth, whether on site or in the office.
Page said: “Our customers rely on us to alleviate a meaningful pain point in their financial and operational processes, one I lived myself as a former general contractor project manager.
“We are excited to continue our mission of helping all construction industry stakeholders process change orders faster, reduce risk, improve efficiency, and increase transparency. We are thrilled to have the support of Prudence and our other investors as we continue to drive innovation in construction technology.”
Last year, Clearstory acquired DataStreet, a company that aids speciality contractors in managing change order requests and time and material tickets.
