Graneet’s vertical SaaS product will be designed to address the needs of the construction industry. Credit: Barn Images on Unsplash.

French start-up Graneet has secured $8.7m in a Series A funding round to continue developing its all-in-one software-as-a-service (SaaS) product for construction companies.

The vertical platform is being built as a mini enterprise resource planning (ERP) system for small and medium-sized businesses (SMBs) in the construction industry.

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In a LinkedIn post, Graneet said: “We are super happy that our existing investors just doubled down on Graneet with an €8m Series A round. This will give us the means to keep building our SaaS platform to become the mini-ERP for construction SMBs in the EU.

“This acknowledges the hard work the team has done over the past 18 months, and this proves that we were right to involve our clients in the development of the solution.”

Small construction companies will be able to use the platform to create quotes and manage team members and subcontractors.

It will also allow them to track their margins, which can help them improve their planning strategy.

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The investment round was led by investors Point Nine and Foundamental.

The financing round also included investors such as Axeleo Capital and RAISE Sherpas’ Phiture, as well as investor angels Rodolphe Ardant, Nicolas Dessaigne and JC Taunay-Bucalo.

Graneet co-founder and CEO Jean-Gabriel Niel said: “We have been iterating over the past two years with our clients and prospects to build a powerful yet very simple-to-use solution. Graneet has now proven to be mature enough as a product to be able to accelerate its customer acquisition while we keep serving our customers better and better with more possibilities inside our product.”