![]() ![]() ![]() "It was such a simple process because we had gotten to know the business," he said.The funding values Ada at $1.2B. But as the company's growth picked up earlier this year, putting more money into the company was an easy decision, Koutoupes told Insider. Versatile raised a smaller round last year in large part because of the pandemic, which curtailed lots of construction activity. His team didn't have a deep background in the space, which posed a challenge, he said.īy contrast, Oren and her team were "extremely informed by all the details and nuances that only by living and breathing in this space you can acquire," Koutoupes said. Prior to his investing career, he cofounded a construction-related software company. Oren's industry background resonated with Koutoupes on a personal level. "She's simply world-class," Curtius wrote of Oren. But that mix of backgrounds now comes in handy at Versatile. In fact, Oren, who previously worked at Intel, was considered the "black sheep" of the family for venturing out into software, she joked. Her parents owned a construction company, and most of her family works in the field. Oren's deep roots in the industry also stood out. "As the construction market closes this 'digitization gap' over time, construction tech companies like Versatile should see a sustained tailwind for many, many years." "The construction industry is a healthy portion of GDP yet is far behind other large, important industries in terms of embracing digitization," he wrote. John Curtius, a partner at Tiger Global, told Insider in an emailed statement that he "gained a deep appreciation" for construction tech after investing in Procore in 2018. Insight has invested in construction-related companies such as Doxel, PlanRadar, and EquipmentShare, while Tiger Global has backed Procore, which is now publicly traded, as well as Agora and Briq. It's a segment that's of growing interest to both Insight and Tiger Global. The funding is "a testament to the worthiness of the construction industry, from an industry that was perceived - especially in conversations that I've had before - as possibly not investible, to the flow of investments we're seeing today," Oren, Versatile's CEO, told Insider. Just months later, Versatile has raised $80 million in Series B funding, once again led by Insight and featuring another boldfaced investor: Tiger Global Management. "It became clear that we had something very special that we were dealing with," he told Insider. ![]() Insight Partners led Versatile's $20 million Series A round at the end of 2020. Plus, it made a physical product - a crane-mounted camera that surveys construction sites to capture data that companies can analyze to improve efficiency and ensure safety - and he usually didn't invest in hardware.īut Koutoupes was so impressed by Oren and her three cofounders that he decided to back their company anyway. The company was raising a smaller round of funding than Koutoupes, a managing director at Insight Partners, would typically participate in. When VC Nikitas Koutoupes came across Meirav Oren's construction-tech startup, Versatile, he noted two things that would typically be strikes against pursuing an investment deal. ![]() Tiger's John Curtius said the deal is part of a bigger push he's making into construction tech.Insight's Nikitas Koutoupes told Insider this was an atypical deal for him.Construction-tech startup Versatile raised $80 million led by Insight Partners and Tiger Global.Account icon An icon in the shape of a person's head and shoulders. ![]()
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