San Francisco-based Roofr, a tech firm start-up, announced Wednesday it successfully raised $23.5 million in funding led by Vertical Venture Partners with participation from ABC Supply Co. and several new and existing investors, including Bullpen Capital, Interplay Ventures, i2BF, SVB, Ace & Company, MGFO and Podemsky Ventures.
The company said in an October 18 news release the investment will help “…accelerate the development and launch of groundbreaking roofing solutions, including [its] newly launched CRM, and soon-to-be-launched Payment Processing, Material Purchasing, and more.”
The company highlighted ABC Supply's investment, saying the distributor’s inclusion underscores the “promising future” of Roofr's platform; the strategic relationship aims to drive innovation and value for roofing contractors in North America with access to the Roofr CRM software that will ultimately make their business “faster, stronger, and more streamlined.”
"ABC Supply is proud to support Roofr's Series A+ funding round and the launch of additional features to their platform," said Kris Kieffer, ABC Supply's director of Business Platform and Customer Enablement. "We believe Roofrs' potential to streamline operations and drive growth will have a significant impact on the lives of roofers."
Roofr is in the vanguard of roofing contracting’s tech revolution, making a name for itself and its software through its $10 measurement reports, estimates and proposals software, and user-friendly platform.
Founded by third-generation roofer Richard Nelson, the company said its team has been dedicated to transforming the roofing industry by building cutting-edge technology to improve efficiency and automate workflows for roofers everywhere.
Where’s the Money Going?
In its news release announcing its funding, Roofr said it plans to focus on improving its popular utilities like Roofr Measurement Reports, Proposals, and Instant Estimator; it also anticipates creating new features based on “roofers feedback and their pain points.”
The concern announced the launch of its anticipated CRM, which includes easy job management tools such as workflows, tasks, job boards and an analytics dashboard. Roofr said it also plans to release “Payments, Material Purchasing, and Customer Communications” by the end of the calendar year so “roofers can accept payments and offer financing for jobs, send invoices, and sync to their accounting software with ease.”
What the Plan?
Roofr emphasized its strategic hiring criteria, seeking “the best talent” for each role. Since its last round of funding, the firm’s team has doubled from 50 to more than 100 filled executive-level positions in marketing, product, talent, and revenue.
With this second funding round, the company plans to expand teams across various functions, including engineering, research, product development, sales, and marketing, enabling the company to strengthen its capabilities, “drive innovation, and meet the evolving needs of its growing customer base.”
"Since starting Roofr in 2016, we've experienced incredible growth, and we're grateful to our loyal customers for making that possible,” Richard Nelson, Roofr's CEO, said. “Although we are rapidly approaching profitability, adequately capitalized, and weren't actively fundraising, it was clear that this additional capital would give us the opportunity to be offensive at a time when others are being conservative and continue to build our end-to-end roofing software even faster.”
Nelson added how the partnership with ABC and other investors that share the company’s vision means “…the sky is the limit; this investment will enable us to accelerate our mission and create the category-defining platform in the roofing industry.”
Vertical Venture Partners was quick to echo Nelson’s sentiments. Brad Corona, managing director at VVP, said his firm was “thrilled” to lead Roofr’s funding round. “Since our original investment last year, our belief in Roofr's potential to disrupt the market, enhance efficiency, and drive sustainability has deepened significantly,” Corona said.
“With this investment, we are confident in Roofr's ability to continue to build innovative products, expand its market presence, and become a leader in roofing technology," he added.
For more information, visit roofr.com.