In what is said to be a leap toward streamlining construction payments and credit solutions, Handle.com has secured investments from Amex Ventures and Suffolk Technologies, the venture capital entity of Suffolk Construction.
This infusion of capital underscores Handle’s growth and its role in the digital overhaul of financial operations within the construction industry, the companies said in a Wednesday (March 4) press release.
“These investments from Amex Ventures and Suffolk Technologies represent a significant milestone in our journey to reshape construction payments,” Patrick Hogan, CEO of Handle.com, said in the release. “With their support, we are well positioned to accelerate our technology development and bring even greater value to our customers.”
Handle’s software solutions stand at the forefront of automating complex, construction-specific payment workflows, according to the release. These solutions not only save time but also costs that typically accompany tracking project payment statuses and safeguarding cash flows.
In an industry beleaguered by inefficiencies, delays and complexity, Handle’s technology aims to address these long-standing challenges head-on, the release said.
With the fresh round of investments, Handle is set to accelerate its mission, per the release. The company plans to channel these funds into further developing its platform and broadening its footprint across the construction sector.
The significance of this development is echoed by Matt Sueoka, global head of Amex Ventures, who praised Handle’s innovative approach to digitizing construction payments.
“Handle’s automation software and integrated payment portal are two key differentiators that make this startup stand out, and we look forward to helping them grow,” Sueoka said in the release.
PYMNTS Intelligence has found that delayed payments are one of the key challenges facing the construction industry.
The industry’s days sales outstanding (DSO) stands at 94 days, according to “Under Construction: Improving Payments in the Construction Industry,” a PYMNTS and Ingo Money collaboration.
In November, Construex, an Ecuador-based software-as-a-service (SaaS) marketplace, raised $4.6 million in seed funding to accelerate its mission of digitizing the construction industry in Latin America.
Construex provides a digital platform that connects construction product suppliers with customers, making it easier for developers to source materials.
