Helsinki, Finland-based SaaS company developing novel industry-specific AI for the construction industry, Metroc raises EUR 2 million in seed funding. The round took place on August 25, 2023. Lifeline Ventures led the financing for the firm. Meanwhile, the seed round also saw support from notable angel investors.
Purpose of financing for Metroc
With the latest financing, Metroc seeks to further develop and scale its market data platform. Meanwhile, it has plans to expand its presence to other Nordic countries and beyond in Europe. The company is also looking to double down on its team across operations such as tech, sales and marketing.
The new funding marks a crucial step forward for Metroc’s growth. Currently, the company serves 300 customers in Finland and Sweden. It will further propel them to execute their expansion strategy across Europe.
What the company’s official has to add
Jussi Virnala, CEO and Founder of Metroc, said, “For a long time, construction industry market data has been incomplete, out of date, and scattered across various platforms, resulting in construction companies being unable to find suitable projects, customers, and partners at the right time – leading to uncertainty for both businesses and end-customers. Our platform provides clarity to the market for the very first time at this level. In an industry driven by individual projects and competition, and with a high sensitivity to economic fluctuations, the platform provides construction companies with a comprehensive overview of upcoming projects, empowering them to navigate smoothly in this challenging environment.”
What the investors have to add
Petteri Koponen, Founding Partner at Lifeline Ventures and the lead investor in the seed round, further added, “Metroc is a bootstrapped company with immense promise, as witnessed by their great traction and strong growth numbers. Metroc is leading the digital transformation of a traditionally conservative industry, harnessing the full potential of AI. Lifeline Ventures was deeply impressed by their ambition, technical capabilities and successful execution, making it an easy decision to invest in their future growth.”
About the company
Jussi Virnala is the Founder & CEO of the company launched in 2019. It seeks to enhance efficiency and drive growth in the construction industry by addressing the challenges of data fragmentation and accessibility within the sector through its unique data platform. The platform assists companies in finding new project opportunities and effortlessly gaining automatic market analysis. The company leverages its unique ability to autonomously search and gather real-time data powered by the company’s industry-specific AI language model.
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