LaborChart, has partnered with leading software investor, Five Elms Capital, on a Series A growth capital round. The investment from Five Elms will be used to expand the company's market position and accelerate domestic and international growth.
LaborChart Co-Founder and CEO, Ben Schultz was personally impacted by the challenges posed of managing a large and mobile workforce as a fourth generation contractor. "LaborChart was founded for the sole purpose of providing an innovative technology solution to an industry that has traditionally relied on outdated processes and methods," said Schultz. "With LaborChart, companies are no longer dependent on white boards and spreadsheets to manage their workforce. They now have a secure, scalable, and modern application to schedule, forecast and communicate with their people, which is the most valuable asset of every construction company."
Poor construction workforce management commonly results in delays and cost overruns. LaborChart directly improves contractor profitability and helps customers win more business. By minimizing labor costs and eliminating bottlenecks, contractors improve project margins. And, improved labor forecasting gives contractors confidence when bidding for new jobs.
LaborChart plans to use the funding to increase hiring in sales, marketing and product development, while still continuing to build out a comprehensive suite of advanced client-focused solutions.
Five Elms' decision to partner with LaborChart was based on the company's easy-to-use, yet robust product, commitment to its strong culture, and evangelical nature of its customer base. "We spoke with many of LaborChart's customers who were insistent that the platform is a mission-critical system users love," said Stephanie Brown, Partner at Five Elms. "Even the most tenured industry veterans were insistent they'd quit their job if someone took the solution away from them."
"LaborChart offers a solution that is specifically designed to fit the needs of the construction industry that has few alternatives," said Fred Coulson, Managing Partner at Five Elms. "The team's industry expertise and strong platform has driven rapid customer adoption. Our partnership will allow the organization to scale and accelerate the delivery of its solution to the global construction industry."