Today marks an incredibly exciting milestone for Kojo. We’re delighted to announce we’ve completed our $39 million Series C funding round led by Battery Ventures.
We started Kojo in 2018 to make it faster, easier, and more sustainable to build the world around us.
Back then, construction companies across the country had to rely on pen, paper, and excel to manage their materials orders. Billions of dollars a year were wasted on over ordering or ordering the incorrect materials, workers were bogged down by manual and repetitive tasks, projects were delayed due to the wrong things showing up on site, it wasn’t possible to track much was spent on materials against the job’s estimates, and there was no way for people to easily compare price or inventory availability.
We knew we needed to fix that. From providing our homes and schools with heating and electricity to building our hospitals, contractors do incredibly important work. We needed to help empower them.
The past few years were incredibly challenging for the construction industry. Supply chain shortages, skyrocketing inflation, and an acute labor crisis have all made it harder than ever to keep projects - from mom and pop retail to our nation’s infrastructure - on time and on budget.
In the face of this, our team worked tirelessly to give contractors the tools they need to manage their materials, which account for 40% for project spend. In just the last year, we expanded across all major trades and built products to help construction companies manage their warehouse inventory and seamlessly reconcile their invoices.
To date, Kojo has powered over 10,000 projects across 46 states. We’ve saved over $19 million for our customers on materials orders, reduced up to 90% of the waste left over on projects, and grown users on our platform by 12x in the last 18 months.
It’s been an amazingly rewarding journey and the best thing is we’re only just getting started. With this new funding, we are going to continue expanding our product suite. We’re launching new distributor integrations that will allow our customers to see real-time pricing and availability, we’re making it easier to catch invoice errors to prevent overpaying, and we’re streamlining payments.
I’m so grateful to our customers and the community around us for pushing us to continue to innovate and reimagine what’s possible. Most of all, I’m grateful to our team - it’s an absolute honor to work with a team of such talented, creative, and passionate people every day.