The funding will allow Agora to invest in the R&D resources required for expansion into new trade verticals. Here are the top-line bullets you need to know.
Agora, a commercial construction platform, has raised $33M in a Series B. The round drew participation from Tiger Global Management, DST Global, 8VC, and LeFrak, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Agora is a materials management platform designed to help commercial trade contractors cut costs and boost efficiency. Contractors can establish requisitions, issue purchase orders, and track bills and deliveries instantly, which can then be accessed by field, office, warehouse, and accounting teams as well as suppliers.
- Agora currently processes over $140M in yearly materials orders for its clients. Over the past year, the firm tripled its workforce and saw a 760% increase in ARR.
Source: Agora
WHY DOES THE MARKET MATTER?
- The supply chain management market is projected to grow at a CAGR of 11.2% and reach a value of $37.41B by 2027, according to Valuates Reports.
- While physical commodities is a $4T industry, the supply chain process is still rudimentary, leaving significant room for growth.
- Climate change, the Suez Canal-Ever Given incident, and Covid-19 disruptions have all brought key opportunities for growth and innovation in the sector to light.
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