$500M Funding Could Level Up Southeast’s Construction Tech Scene

Since Gretchen Lynn joined as Levelset’s employee #1 back in 2011, she’s been part of making sure those in the construction industry never “lose a night’s sleep over payment.”

The New Orleans-based SaaS platform has scaled over the last decade to help contractors get paid for a job quickly and efficiently. “The mindset we have in everything that we build is how can it help our industry get paid, track their payments, know what risks they have on payments…and actually be able to receive payment or receive capital to help them that fund their projects,” added Lynn, who now serves as Levelset’s VP of Customer Experience.

That focus on protecting contractors from sleepless nights led to recent acquisition news most startups dream about.

California-based construction software giant Procore (NYSE: PCOR) announced plans to acquire Levelset for $500 million.

“There’s a lot of alignment in our two visions,” added Lynn. “[Procore] has a mission to connect everybody in construction on one platform, and we have a mission to empower everyone in construction to always get what they earn.”

Levelset has partnered with Procore since 2018 with an integration of the platform’s lien waiver tools. Lynn said Levelset will continue to operate “business as usual” throughout the rest of this year and all of 2022.

The acquisition news is the culmination of a decade of growth for the New Orleans startup. The team has added offices in Cairo, Egypt and Austin, Texas, and most recently closed a $30 million Series C round at the end of 2019