Rapid Applications Group (Rapid Apps), the leading ERP software solution for heavy equipment construction subcontractors, announced its significant growth equity financing led by Boston-based growth equity firm Wavecrest Growth Partners and MassMutual Ventures. The funds will be used to accelerate product development and customer growth.
Rapid Apps' suite of software products enables heavy equipment construction subcontractors to optimize the utilization of their fleets with scheduling and job dispatching, telematics GPS tracking, mobile workforce labor tracking and payroll, plus customer ordering, billing, and payments, all in one connected solution. Many of the largest heavy equipment subcontractors in the concrete, hydrovac, and crane space, including Brundage-Bone, Concrete Pump Partners, and Kinetic Industry, trust Rapid Apps every day to manage their operations and provide insight into performance and productivity.
Matthew Bullis, co-founder of Rapid Apps, said, "As construction projects have become more complex, large, sophisticated machines are playing increasingly critical roles to complete projects quickly and efficiently. Rapid Apps has helped hundreds of companies increase utilization and lifespan of cost-intensive construction services equipment, securing ROI and increasing profitability by replacing legacy software and manual processes. With this investment from Wavecrest and MassMutual Ventures, we are looking forward to expanding our growth into existing and new markets."
Deepak Sindwani, co-founder, and Managing Partner at Wavecrest, said, "The construction technology industry has been a growing and dynamic space for the last 10-15 years. General contractors led the first wave of technology adoption, resulting in several software companies delivering billions in value for all stakeholders. We believe that subcontractors will lead the next wave of technology adoption in the construction industry, leading to additional significant software companies. We are excited to partner with Rapid Apps to help them to become the leading player in the heavy equipment space and to help them further fuel their growth."
"Rapid Apps offers heavy equipment subcontractors with the first platform combining SaaS and mobile applications to connect in-office and in-field operations," noted Eric Emmons, Managing Partner at MassMutual Ventures. "We have been impressed by the company's vision and its commitment to improving the efficiency and profitability of the subcontractor market."
Rapid Apps customers quickly see improvements in their operations and cash flow, allowing them to serve customers better by focusing more on getting projects done on-time and on-budget and less on managing the work with paper & pencil or a collection of outdated software. A recent survey of Rapid Apps customers using the Rapid ERP and Rapid-on-the-Go mobile applications reported significant improvements in performance including an average 95% improvement in accuracy for operator hours, 66% fewer chargebacks, and a 44% increase in the number of same-day, second round jobs.
ABOUT RAPID APPLICATIONS GROUP (Rapid Apps)
Rapid Applications Group (Rapid Apps) is the leader in software solutions for the heavy construction equipment services industry with hundreds of customers across North America, Europe, and Australia. Rapid ERP, Telematics GPS, and the Rapid On-the-Go mobile apps are the most widely used and trusted software products in the industry, enabling companies to dispatch and manage the complex requirements for construction work involving concrete pumping, hydrovac excavation, crane services dispatch, and other types of heavy construction jobs. With the growing trend of digitalization of the construction industry, Rapid Apps' flexible, scalable solutions are poised to lead the future of heavy construction fleet management with innovative mobile and telematics products, and cloud-based optimization and analytics.
ABOUT WAVECREST GROWTH PARTNERS
Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies based in both North America and Western Europe. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest's team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit www.wavecrestgrowth.com
ABOUT MASSMUTUAL VENTURES
MassMutual Ventures (MMV) is a multistage global venture capital firm with teams based in Boston, Singapore, and London, managing over $1 billion in investment capital. MMV helps accelerate the growth of the companies it partners with by providing capital, connections, and advice. With its deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.