Rabbet, a leading intelligent construction finance platform, announced today it has closed an $8 million Series A round backed by Goldman Sachs’ Principal Strategic Investments group, QED Investors and Camber Creek.
Rabbet brings efficiency, accuracy and visibility to the complex construction finance industry. The platform uses machine learning to parse documents and connect information for reduced administrative burden, instant compliance and faster decision-making for real estate lenders and developers.
“With the support of Goldman Sachs, QED and Camber Creek, Rabbet will further its mission to bring frictionless transactions to the construction industry,” said Will Mitchell, Rabbet CEO and co-founder. “Our name represents our commitment to strengthening connections in the real estate industry and fueling today’s connected construction economy. Through intelligent automation, our platform provides operational efficiency, improved customer experience and faster payments, representing a $21 billion opportunity for lenders and borrowers.”
With the new funding, Rabbet, formerly known as Contract Simply, will continue to invest in the development of its automation platform, expand service offerings and cultivate partnerships with leading construction lenders, developers and other industry stakeholders. It will also support the company’s efforts to expand its software engineering and sales teams in Austin.
“We firmly believe construction finance is going to be automated and brought out of its decades-old, paper-ridden process. Rabbet is the only solution we’ve seen that can handle the complexity of this transition. We are committed to being on the forefront of technology, and working with Rabbet ensures we stay on the leading edge,” said David Bell, Managing Director of Goldman Sachs’ Construction group.
Founded in 2017, and accelerated with Y Combinator, the company has seen rapid growth since its seed round in October 2017 led by Tectonic Capital. To date, Rabbet has improved efficiency for projects sized up to $150 million coast-to-coast.