Adaptive Raises $19M in Series A Funding!
Adaptive has raised $19M in Series A funding, bringing our total capital raised to $26M.
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Hello to our Customers, Partners, and Friends,
We’re excited to share some BIG news - Adaptive has raised $19M in Series A funding, bringing our total capital raised to $26M! This round was led by Emergence Capital, who have backed companies like Zoom, Gusto, and Salesforce.
Looking Back
We started Adaptive back in the summer of 2021. At that time, my co-founders, Frank and Henry, and I were working on a different business idea in the real estate space. But as we worked with construction companies, we kept hearing the same problem: builders were spending way too much time trying to keep financials updated, and because it was taking so much time, reports were never real time and often inaccurate.
A common thing we heard was, “I never know if a project is profitable until the end.”
This was a huge problem; with the low margins and cash flow burden in construction, managing finances is critical. Yet, business owners didn't have the information they needed. As we dug deeper, we realized that bookkeeping was the main issue. With constant bills, receipts, labor costs, payments, draws, and changes, keeping up with the books in real-time is either impossible or very expensive. And when the books aren’t up to date, it’s hard for business owners to take any strategic action.
We saw that recent advances in AI could solve this problem and jumped in head first. Since launching in February 2023 at the International Builders’ Show, we've grown rapidly and are proud to now be working with over 300 of the finest construction firms across the country.
What’s Next
Our mission at Adaptive is to make construction finance fast, easy, and accurate. Right now, we help builders simplify their job costing, budgeting, draws, and payments. And we are just getting started.
We want to provide an all-in-one solution for your entire back office, from project financials to accounting to payroll. And with this new round of funding, we are on our way. We couldn’t have gotten here without your early belief and support, so THANK YOU for partnering with us from the beginning, and keep the feedback coming! We’re excited for what’s ahead.
Ready for crystal clear financials without the headache?
Let us show you how Adaptive's AI-powered construction financial management software works in a brief 30 minute demo with someone from our team.
