Funding amount: $11 million
Top Funder: PSG
Construction management software firm Beti is closing out the year on a high note after it raised $11 million in a strategic growth investment round led by global software and technology equity specialist PSG, the company announced last week.
The Tel Aviv-based contech firm offers a suite of products on its platform, which includes safety, access control, quality assurance and process control throughout the lifecycle of construction projects, the company said in the release.
While the software’s primary customer base is in the Israeli construction market, the funding will help the company realize its ambitions of expansion. The $11 million is earmarked for bolstering its position in Israel’s market and fueling growth in the U.S.
The company opened its first U.S. office in the Brooklyn neighborhood of New York City this year, and plans to speed up a growth strategy to expand into other key East Coast cities, such as Miami and Philadelphia, the company said.
Expanding to the U.S. presents a “significant greenfield opportunity” for Beti, said Ronen Nir, managing director at PSG.
“We are big believers in Beti over the long term,” Nir told Construction Dive.