Agora has raised an additional $33 million to develop a digital platform designed to expedite purchase orders in construction and materials management in the field. The technology processes more than $140 million in materials orders annually.
The question on how best to improve construction procurement looks a chicken-and-egg scenario: does the solution lie in technology driving sustainability or vice versa? Either way, the twin imperatives of sustainability and digital transformation cannot be ignored.
Agora recently announced its $33 million Series B funding round led by Tiger Global, with additional key investments from 8VC, Tishman Speyer, Jerry Yang, Michael Ovitz, DST, LeFrak, and Kevin Hartz.
To make our cities more affordable, the commercial construction industry must adopt new technology. Construction is a $10 trillion industry that employs more than 200 million people worldwide. Yet, according to McKinsey, labor productivity growth in the industry has been stagnant since 1947.
“Our cities are facing an affordability crisis,” said Maria Rioumine, CEO and Co-Founder at Agora. “Our mission at Agora is to make the built environment faster and more efficient to build. By modernising the construction supply chain, we can dramatically reduce building costs and help make our cities more affordable and accessible to all.”
Commercial trade contractors across the US still rely on manual, pen-and-paper processes too often to manage their supply chains. Office teams are overburdened with manual data entry and have to rely on outdated systems that don’t work with each other.