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After raising $106.3m in equity and debt in 2022, Constrafor is back with another cash infusion of $7.5m via a SAFE note, led by Motive Partners, that closed this month. New investor Fifth Wall joined existing investors, including FinTech Collective, Clocktower Technology Ventures, Commerce Ventures, FJ Labs and NotreVis, in the round. In addition, the investment includes access to a credit facility with Apollo.
“Banks are more and more careful with their own funding of development projects, which means they will also slow down payments on their own side,” Constrafor CEO Anwar Ghauche told TechCrunch. “What this means is that payment timing to subcontractors are extending instead of shrinking, only getting more difficult for subcontractors because they don’t usually have recourse to go to their banks and grow their line of credit.”
https://techcrunch.com/2023/04/24/constrafor-construction-procurement-fintech/
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