US-based supply chain management software developer Qmerit closed a $11.8m funding round on Wednesday backed by investments units of energy management technology provider Schneider Electric and utility Innogy.
The corporates were joined by private equity firm Strandview Capital, which led the round. Schneider Electric contributed from an unspecified vehicle and Innogy participated through its Innogy Ventures division.
Founded in 2015, Qmerit runs a cloud-based software-as-a-service that helps clients keep abreast of procurement costs for building works such as plumbing or carpentry.
The software ranks each trade contractor’s services as a numeric score dubbed the Qmerit Contribution Index and provides discounted materials facilitated by an aggregated purchasing platform.
Qmerit has earmarked the money for business expansion as it looks to redouble its sales drive and accelerate product development. The company will add Heriberto Diarte, corporate venturing lead for Schneider Electric, and Kevin Covert, co-founder and managing director of Strandview Capital, to the board of directors.
Tracy Price, founder and chief-executive of Qmerit, said: “We are absolutely delighted to have garnered the support of such prestigious strategic investors.
“The experience of these industry leaders combined with our 25+ years of domain expertise and disruptive technologies will enable us to transform the building trades industry.”