Proptech startup PlanHub of West Palm Beach raises $41 million
PlanHub, a project bid marketplace for the commercial construction industry, said it has received a $41 million investment from growth equity firm Mainsail Partners.
Based in West Palm Beach, the formerly bootstrapped PlanHub is a cloud-based construction plan room and bidding software. It provides a cloud-based SaaS platform to connect general contractors, subcontractors and suppliers during the pre-construction phase of a project. The funding will help PlanHub expand its management team, invest in product and customer success, and bolster its sales and marketing efforts.
“Our explosive growth and the numerous sets of opportunities in front of us has created a welcome challenge for our company. We felt now was the right time for us to bring on an experienced partner to help us capitalize on those opportunities and scale our organization to support the growth we continue to experience,” said Kevin Priddy, PlanHub’s Founder and CEO, in a statement.
With 15 years of experience in construction, Priddy and Kyle Conlan launched PlanHun in 2016. Today, about 300,000 subcontractors, general contractors, and suppliers use the platform withthousands of new construction projects added to its platform each month.
Said Vinay Kashyap, Partner at Mainsail, “PlanHub’s founders, Kevin and Kyle, have a deep and specific understanding of the pain points of the commercial construction industry, so the solutions they present are designed to resonate with their customers in a meaningful way.” Kashyap will join the Board of Directors at PlanHub, along with Jason Frankel, Mainsail Vice President.
PlanHub recently added Cameron Darby as the company’s Chief Growth Officer. Darby was previously the COO for DealerSocket, a SaaS company serving the automotive industry, and currently serves on the board of Aspire Software, another Mainsail Partners portfolio company.
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