Construction tech startup Schuttflix raises US$47.9mn
Germany-based construction tech startup Schuttflix has announced it has raised US$47.9mn in a Series A funding round led by Draper Esprit, a British venture capital firm. Schuttflix says the money will be used to help it expand into the Austrian, Polish, and Czech markets next year.
Schuttflix CEO & co-founder, Christian Hulsewig, said: “Following our successful expansion in the German market this year, now is the strategically right moment for us to grow in Europe. Government investment programmes, such as the Green Deal and the post-coronavirus recovery fund, will ensure that orders in the construction industry remain strong over the long term.”
“European construction sites need a reliable and efficient supply. With Schüttflix, we have the solution. And with Draper Esprit, we have an experienced investor on board who will help us to establish this solution in as many European countries as possible,” he added.
As well as the expansion, the company is also planning to develop its digital products and services for all aspects of construction-site supply and waste disposal in the coming months. To make this possible, the B2B platform is relying on strategic partnerships, such as with STRABAG.
Other participants in Schuttflix’s funding round
In addition to lead investor Draper Esprit, other participants in the round included Founders Thomas Hagedorn and CEO Christian Hülsewig, as well as from existing investors Speedinvest, HV Capital, and STRABAG.
Christoph Hornung, Investment Director, Draper Esprit said: “Over 2.5 million tonnes of construction bulk-materials delivered since its founding shows that Schüttflix works. The startup has broken into a traditionally analogue market and is creating genuine added value for its customers with a truly digital solution. The business has grown by over 400% since January 2021; taking the platform international is, therefore, the next logical step, and we are pleased to be at Schüttflix’s side.”