Clearstory (formerly Extracker), a San Francisco, CA-based Change Order communication tool for the construction industry, has undergone a rebranding to better align with its commitment to trust and transparency and secured $5.5 million in fresh capital to accelerate its growth and meet the increasing demand for tools that help construction stakeholders mitigate risk.
The round was led by GS Futures, with participation from existing investors Jackson Square Ventures, Building Ventures, and Cloud App Capital Partners, all of whom invested more than their pro rata.
This funding injection will enable Clearstory to expand its operations and meet the industry's pressing need for effective solutions amidst challenges such as supply chain issues, labor shortages, and a changing economic climate.
“Change is constant in commercial construction projects. Unfortunately today, drawings are less complete, projects are more complex, schedules are faster and dollars are more scrutinized, leading to a constant pressure around Change Orders for GCs, specialty contractors, and owners,” said Cameron Page, Founder and CEO of Clearstory and a former commercial General Contractor. “We are the first to build a communication layer for the industry that allows stakeholders to align in real-time on changes and ensure that all internal systems of record are up to date. We are proud of the innovation we have delivered to the industry and are excited knowing this is just the start.”
The company has successfully onboarded Specialty Contractors of various sizes across multiple trade verticals, including notable names such as KONE Elevators, Cherry Coatings Painting, Performance Contracting Group, TrueTeam Insulation, and Conco Concrete.
Clearstory also provides real-time integrations with the industry’s leading ERP systems, accounting software, project management, and cloud storage solutions, including Procore, CMiC, Viewpoint, Sage, and others.
Company: Clearstory, Inc.
Raised: $5.5M
Round: Unknown
Funding Month: June 2023
Lead Investors: GS Futures
Additional Investors: Jackson Square Ventures, Building Ventures, and Cloud App Capital Partners
Company Website: https://www.clearstory.build/
Software Category: Construction Software
About the Company: Clearstory is a construction software company modernizing construction business processes as the industry’s only Change Order Communications tool. Built for trust and transparency, it makes Change Order resolution effortless, for everyone. Clearstory helps General Contractors prevent lost revenue, Specialty Contractors get paid faster, and teams make better financial decisions through access to real-time data in one centralized location. The company currently works with more than 40% of the ENR's Top 25 General Contractors. Clearstory has facilitated over $5 billion in shared Change Orders to date. By leveraging digital time and material tags, Change Order templates, and change notifications, Clearstory also significantly reduces processing time for Change Orders.
Source: https://www.prweb.com/releases/2023/06/prweb19413580.htm