By Nancy Dahlberg
To expand its platform and expand the size of its team, Miami-based proptech startup Flexbase closed a $2.5 million pre-seed fundraising round.
Co-founders Zaid Rahman, a Thiel Fellow and serial entrepreneur, and Hadi Solh, a former McKinsey/Goldman Sachs executive, launched Flexbase in October 2020. Flexbase provides an automated payment platform for contractors and the construction industry that delivers faster and more efficient payments. Rahman is also a co-founder of 305 Ventures.
Bills are typically not reconciled for at least 100 days – impacting 10 million construction contractors in the US -- and Flexbase seeks to change that with custom discounts negotiated at scale and automated legal actions further shorten collection periods. That includes partnerships with 85+ lenders and one-click working capital for faster access to funds, according to Flexbase.
"We knew how much money construction companies make - along with the pain points of how much they have to borrow along the way. With the closing of this investment round, we can continue to help companies take back control of their time and accounting, and break the cycle of borrowed cash flow," Rahman, Flexbase's CEO, said in a statement.
Investors include Suffolk Technologies, Hustle Fund, Romulus Capital, Banana Capital and Great Oaks Venture Capital, and angel investor Sriram Krishnan.
“Flexbase presented us with an easy-to-understand, compelling vision for a better payments system, and we were delighted to work with them in our Boost program," said Suffolk Technologies Investment Director Raja Ghawi. "The opportunity in construction technology broadly, and construction financial technology specifically, is massive.”
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