Construction technology startup Mastt has raised $9.5 million less than 12 months after its seed round, as it aims to almost double its headcount and continue expansion abroad.
The round was led by VC firm OIF Ventures, with participation from Assignar co-founder and CEO Sean McCreanor, Assignar Chief Revenue Officer Chris Peterson and Mastt’s own chief technology officer David Jablonski.
Existing investors Artesian, Significant Early Venture Capital, Investible and Gravel Road Ventures, the venture fund of Aconex co-founders Rob Phillpot and Leigh Jasper, also contributed to the heavily oversubscribed round.
Since Mastt’s last round of investment the company has gone on to remotely expand into the US and Middle East. The company has quadrupled its monthly recurring revenue and is now used across over 500 global projects, totalling over $25 billion in value.
In addition to retaining work with the Australian Army, Aurecon and Jacobs Engineering, Mastt has secured work with the Department of Foreign Affairs and Trade (DFAT), engineering firms WSP and GHD, as well as Sydney Metro Airports.
Often referred to as ‘the next Aconex’, Mastt currently employs over 40 staff around the globe, and will add another 15 roles in product, engineering and sales in the next six months.
“Our goal of clearing up the clutter of spreadsheets for large capital & infrastructure projects is resonating with the industry. The last 12 months showed we’re solving a real pain for capital program & portfolio owners,” Doug Vincent co-founder and Managing Director of Mastt said.
“This funding helps us capitalise on the huge data potential our platform gives customers to drive predictive decision making and insights. We’ll invest more in machine learning capabilities to help infrastructure portfolio managers make faster decisions, which is a big change considering managers previously made decisions based on over 60-day-old data.”
Mastt’s platform provides capital asset owners with transparency and real-time analysis across their portfolio and individual projects, enabling immediate decisions to prevent cost and time blowouts. It’s a process that traditionally required collating thousands of documents and spreadsheets. Now Mastt’s smart algorithms partly automate this process, using data to drive better decisions and benchmark project performance across infrastructure portfolios.
David Shein, Partner, Our Innovation Fund
“Doug, Raman, Jamie and the Mastt team are exceptionally focussed, solving major decision-making issues for owners and managers in the massive capital works industry. Construction is one of the least tech enabled industries. As both the construction and tech industries grow we are very excited about their opportunity to increase technology take-up in the market. Mastt is a great example of market leading industry standard Australian technology leading the world and it’s a privilege to partner with them on this journey.”
Rob Phillpot, Gravel Road Ventures
“When we first saw Mastt, it was obvious how much they understood their customer and the problem they were trying to solve. Since we became involved, the team has impressed and they are really kicking goals for a company at their stage.”
Sean McCreanor, Co-Founder & CEO, Assignar
“It’s exciting to join right as Mastt builds on its global ambitions. The US capital portfolio management sphere is ripe for disruption and Mastt is primed to fill that gap.”
About Mastt
Founded in 2019 by Doug Vincent, Raman Nambiar and Jamie Cerexhe, Mastt provides capital & infrastructure portfolio offices with a cloud Saas platform that provides a simple and transparent means to manage and report on their complex construction programs. In less than two years, the company has served federal government organisations and Fortune 500 companies, including Australian Army, Jacobs Engineering, RPS Group and Aurecon. See more at www.mastt.com
About OIF Ventures
OIF Ventures is a leading Australian venture capital firm that champions exceptional founders, driven by purpose, who add material value to their customers, markets, and communities. OIF Ventures invests in early-stage companies with innovative, high-growth and disruptive technologies with demonstrated market demand.
Founded in 2016 by a team of founders, entrepreneurs, and business-builders, OIF Ventures has raised two funds to date, managing over $300 million and closing its upsized $115 million Fund II in mid-2021. OIF Ventures is exclusively backed by founders, business-builders, ASX executives, HNW and family offices. While focused on backing Australian founders, OIF Ventures seeks to partner with ambitious founders who have the opportunity to expand into global markets, in particular the US, where we can support this expansion through our extensive network of potential customers and investors.
The OIF Ventures team have backed some of Australia’s leading emerging technology companies including Go1, Instaclustr, Vouch, Assignar, Eftsure, Enboarder, Kasada, Circle In, Adventus.io, Clear Dynamics and others.
