Australian digital procurement platform EstimateOne has attracted financial backing to the tune of $35 million from two investors, including Aconex co-founder Leigh Jasper.
Business News Australia reports the funds will expand EstimateOne’s services and to push further into international markets.
EstimateOne, which caters to the commercial construction sector, has been self-funded by Ritchie and Ashcroft who have grown the business to annual revenue of more than $10 million.
The company, founded in Richmond, Victoria, is regarded as one of Australia’s largest digital procurement platforms for commercial construction, catering for 50,000 commercial builders, subcontractors and suppliers.
Jasper joins former CEO of MYOB Tim Reed as part of the deal with the company, founded in 2008 by Andrew Ritchie and Michael Ashcroft.
Jasper’s construction management platform Aconex was bought by Oracle in 2017 for $1.6 billion. He and Reed have bought in to EstimateOne through their respective entities Saniel Ventures and Potentia Capital.
The backing includes $20 million of primary capital and a $15 million secondary investment.
EstimateOne says it currently has a team of 35 located across Australia and the UK and have helped over 45,000 organisations win their share of over $305 billion worth of work.
Saniel Ventures is a private investment group supporting high-growth technology companies.
Potentia Capital, headed by Reed and former managing director of Archer Capital Andrew Gray, is a specialist private equity investor focused on technology and tech-enabled businesses.
Go to Business News Australia to read more.