Ferguson Ventures, the corporate venture capital vehicle of plumbing supplies distributor Ferguson Enterprises, contributed to a $23m series D round for US-based business management software developer Payzer on Monday.
The round was led by investment firm Harbert Growth Partners and also featured Grotech Ventures, Route 66 Ventures, Idea Fund Partners and Alerion Ventures.
Founded in 2012, Payzer has developed cloud-based field service management software used by contractors in maintenance sectors such as heating, electrical, air conditioning, roofing and plumbing.
The company’s offering includes software tools for scheduling, customer relationship management and payment processing.
Payzer has raised at least $40.7m of funding to date, including $9.2m in a 2018 series C round backed by Ferguson Ventures, financial services firm MetaBank, Route 66 Ventures, Grotech Ventures and Idea Fund Partners.
The 2018 funding came after the company closed a $4.3m series B round in 2016 that included Idea Fund Partners, Route 66 Ventures and Grotech Ventures, the last two of which had co-led its $4.2m series A round the previous year.