Suppli Raises $3.1M to Modernize Construction Payments, Grow Team
Austin-based Suppli is modernizing the construction industry with its digital payment platform for construction suppliers, and it recently secured seed funding after successfully launching in Q4 2022.
On Thursday, Suppli announced that it closed a $3.1 million seed round that Equal Ventures led. Audacious Ventures, Dash Fund and several angel investors also participated in the round.
Suppli provides software to independent material suppliers that enables them to generate digital invoices anytime an order is placed and accept card, ACH and check payments through the platform.
According to Suppli, several suppliers rely on physical paperwork, spreadsheets and old software to handle their sales operations, and many don’t offer online payments. For their customers, this can cause headaches. For the suppliers, this method can result in a loss of sales because customers will opt to purchase supplies from big hardware chains that accept online payments.
“Suppli levels the playing field for independent vendors, allowing them to offer a comprehensive solution with features like text-based payments, automated lien waiver requests, one-click deposits, full mobile responsiveness and more,” Ryan Ayers, Suppli co-founder, said in a statement.
The platform’s other features include credit solutions for buyers, text and email communications with customers and integrations with enterprise resource planning software.
With the fresh funding, Suppli plans to continue building new features for its platform and already has several ideas in the pipeline for 2023. The company will also expand its team.
“We built Suppli as the software we always wanted for ourselves but could never find,” Thanasi Skafidas, Suppli co-founder, said in a statement. “Trade credit is the lifeblood of a material vendor, but is often viewed as a ‘back office’ function. Suppli turns the credit relationship into a competitive advantage by making it convenient, seamless and less risky.”