SYDNEY, 15 June 2021 - Construction tech platform Mooven, today announces it has raised NZD$5 million in a Series A funding round. Led by SaaS specialist VC firm Equity Venture Partners, with additional investment from Five Ventures Investment, the capital will fuel the company’s vision to deliver world-changing infrastructure improvements while minimising disruption to local communities.
In the next 12 months, Mooven plans to scale its Australian and New Zealand teams, as well as prepare for a launch into the United States, in order to take advantage of what McKinsey defines as a US$57 trillion need for infrastructure investment over the next ten years.
Mooven provides construction teams, project managers and governments with the ability to accelerate infrastructure delivery while minimising disruption to local communities. This is achieved by providing data-backed insights that show the real-time impacts of construction work, such as traffic congestion or noise pollution, allowing delivery teams to make necessary adjustments.
This funding comes off the back of a strong year for the business, with revenue doubling over the preceding 12 months. Besides ongoing projects throughout New South Wales, Victoria and New Zealand, Mooven has picked up 17 major projects in Queensland since last August — alone worth upwards of $3 billion in construction value. Mooven also counts more than half of the region’s top 50 construction companies as customers and is consistently able to reduce project delivery times by up to 50%.
Micah Gabriels, co-founder and CEO, says: “This capital will allow us to have a greater impact on both our current and potential customers in helping them to enable economic, social and environmental progress by streamlining the delivery of infrastructure. Beyond Australia and New Zealand, we’re also excited as we turn our head towards the massive opportunity that exists in the U.S. — where the American Society of Civil Engineers have graded physical infrastructure as a D+ and delays caused by traffic congestion alone cost the economy over US$120 billion per year.”
Daniel Szekely, Investment Director of Equity Venture Partners, says: “Micah and the team at Mooven are solving a major and enduring global problem that affects us all. We all want to see our cities continue to improve and invest in infrastructure, however, all too often we dislike the resulting impacts, such as congestion and traffic jams, particularly when these lead to project delays and cost overruns. As investment into urban infrastructure continues to grow, so too does the opportunity for Mooven to drive efficiencies and positive outcomes for construction teams and city dwellers everywhere.”
Oliver Fradley, Maintenance Manager at Downer, says: “We have been using Mooven’s software platform for two years now in order to better manage and deliver infrastructure projects. With Mooven, we can make evidence-based decisions about when and how we work, along with gaining the ability to manage disruption in real-time while on site. This has changed the way we work, driving efficiency gains and helped us to deliver better outcomes to the communities we ultimately serve.
Over the next two years, Mooven is projected to more than triple in size and grow the global team.
CEO at Mooven