Munich construction tech start-up reINVENT raises a million Euro round
Munich-based construction tech start-up reINVENT has closed a low seven-digit investment in its first financing round. The current round is led by lead investor High-Tech Gründerfonds (HTGF) from Bonn. Foundamental, Bayern Kapital and Astutia Ventures are also participating. With the new funding, the reINVENT team intends to expand its sales team and develop new software features.
The construction industry is still among the least digitized. About 30% of construction costs are caused by inefficiencies, errors or lack of communication, which results in delays and budget overruns throughout the construction process. The reINVENT founders Prof. Dr. David Uhde, Valentin Rüchardt, Christian Brachert and Julian Stieghorst solve this issue and digitalize the process of planning, selling, and handing-over construction projects, in particular residential property. The solution addresses large-scale residential construction companies, property owners, project developers, architects, contractors, planners and partners and facilitates communication, collaboration, and exchange of data.
Prof. Dr. David Uhde, managing director of reINVENT, considers construction inefficiencies as a great opportunity for a digital transformation: “Only six percent of all companies in the construction industry use digital planning instruments. This is where we come into play. By enabling all stakeholders to communicate in a structured way through our software, construction projects will be optimized and improved. Our vision is predictive construction: to be able to make data-driven predictions and reveal patterns to reduce construction errors, delays or defects and save time and money for everyone.”
reINVENT started about a year ago and has now over 15 employees. Since its launch, more than EUR 100 million worth of residential construction has flown through their software. The team is planning to increase its sales activities and market presence as well as to adapt its software to other construction areas such as office, retail, or hotel projects. On their mission, reINVENT is receiving strong support from the new investors that share the company’s vision and see significant market potential. Benedict Rodenstock, CEO of Astutia Ventures, is convinced that the founder team will be able to offer a solution that will help everyone working in construction to increase efficiency and contribute to the digitalization of the industry.
Dr. Ulrich Schmitt, investment manager responsible for reINVENT at HTGF, says: “reINVENT enables property developers to significantly improve the customer experience for home buyers and offers significant savings potential for property developers. We consider this direct added value and the possibility of developing towards predictive construction to be very promising. We are very pleased to be able to support the next steps of the team with a strong consortium of investors – we are particularly excited about the first joint investment with Foundamental”.
Rani Saad, Partner at Foundamental, adds: “reINVENT is offering what could be referred to as the “last mile” solution between the residential developer and the retail buyer, with the goal of becoming the platform-of-choice for the complete lifecycle across sales, delivery and post-delivery. We are impressed by the well-rounded talent of reINVENT’s team, with their differentiated buyer-centric approach and deep commitment to the user experience. We are very pleased to join them in their journey.”
reINVENT is a Munich-based provider of construction software. The solution offers 15 features that connect all stakeholders during the entire lifecycle of construction projects on a centralized platform. reINVENT’s mission is to bring construction processes to the digital century and make a difference through facilitating communication, collaboration, and exchange of data to save time and money. www.re-invent.io
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About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With EUR 892.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge 500 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and start-up experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in a range of sectors, including software, hardware and life sciences / chemistry.
This group also includes a number of success stories, such as Mister Spex, Rigontec, 6Wunderkinder, Next Kraftwerke and Cumulocity, as well as Juniqe, an online shop for art enthusiasts. To date, external investors have injected over EUR 1.9 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests by now 100 companies. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.