RIVET, a leading Workforce Management platform for electrical construction, announced it raised $6 million in funding led by Brick & Mortar Ventures. Other investors, including defy.vc, Augment Ventures, Detroit Venture Partners, Michigan Rise, and angel investors participated in this new round. This new funding round brings RIVET’s total funding to over $14 million, supporting the expansion into multi-trade businesses and launching new features such as labor forecasting and automated labor requests.
RIVET is differentiated by its customer-centric approach, offering tools that help manage labor efficiently across various job sites, ultimately aiding contractors in preventing margin fade and enhancing project management.
RIVET’s platform is the standard in workforce management software for electrical contractors. And this funding round enables RIVET to provide its platform to multi-trade businesses like mechanical and bring more value to existing electrical partners.
Since the company’s 2021 pre-seed round, RIVET expanded its platform and feature offerings to the estimated $500 billion U.S. construction skilled trades market. And RIVET’s platform now offers powerful tools, including labor forecasting – which gives project managers a look at estimated labor demands months and years into the future. More recently, RIVET added notifications and automated labor requests to the platform, saving merit and union operations teams time and frustration.
RIVET’s workforce management platform helps commercial contractors quickly and easily manage labor across job sites in real-time. From forecasting labor in pre-construction to building a tactical plan for who will be on each project and executing against those labor plans, RIVET brings construction project labor operations online, helping contractors complete more work and prevent margin fade.
KEY QUOTES:
“Skilled labor shortage is a common topic in our industry where labor can make up to half of project costs for trades.”
“RIVET’s platform has proven to be incredibly beneficial for its customers, helping them manage billable labor and upskill their workforce. We are thrilled to announce our partnership with the RIVET team, who is already bringing their bold vision of helping trades and self-perform GCs to fruition.”
– Kaustubh Pandya, partner at Brick & Mortar Ventures
“We care about our customers. We care more than anyone else. That is what sets us apart and has allowed us to build best-in-class workforce management solutions and services for our industry. Our customers know that we care and that is why our customers promote us to their peers.”
– Ryan Meitl, RIVET CEO
“RIVET’s emergence as a leader in electrical construction Workforce Management is undeniable. Their commitment to innovation and customer-centric solutions aligns perfectly with defy.vc’s ethos. The team’s deep understanding of the industry, coupled with their relentless drive to address the void in the market, convinced us of their potential. We believe in RIVET’s ability to not only transform the construction industry but also to set new standards for Workforce Management across various trades. This investment represents our confidence in RIVET’s vision and our commitment to supporting disruptive technologies that make a meaningful impact.”
– Neil Sequeira, founder and partner at defy.vc
