Construction software startup Planera has raised $5.4 million in seed funding, an unusually hostile environment for early- and mid-stage proptech companies.
The San Jose-based company, founded in 2021 by former executives at San Francisco-based location services platform Life360, runs a construction project scheduling software that simplifies the planning and estimating process for construction firms. The round was led by Palo Alto-based Sorenson Ventures and Firebolt Ventures.
“The people with the most construction experience and expertise often don’t know how to use complex legacy scheduling software. This leads to project delays, miscalculations, and client disappointment. Planera is so simple that anyone with the working Create a schedule for resource loading within the week,” Planera CEO Nitin Bhandari said in a statement.
The firm’s clients include Irvine firm Shimmick Construction and San Francisco firm Webcor.
The deal comes as observers predict “Great Extinction Event” Early and mid-stage startups of the year. A survey last March found that about four-fifths of startups were in danger of running out of money this year. The survey, which included responses from 450 company founders in the U.S. and Europe, linked survival risks for startups to VC firms’ reluctance to fund seed rounds.
These predictions have since been combined with concrete evidence. According to CrunchbaseGlobal venture capital funding fell 53% to $76 billion in the first quarter compared with a year ago. Plus, perennial leaders like the SoftBank Vision Fund didn’t even crack the top 20 in its latest ranking of the most active investors.
Earlier this year, in a report real deal exist “The Proptech Apocalypse”, With money drying up this year, “it’s like the tap is turned off,” said one investor.