For Khalid David, Venture Creation and Funding is Activism and Black Empowerment. "At Harvard Business School's Black New...
Construction is the 2nd least digitized sector in the world*
For large commercial construction projects, there are an average of 25 companies working to get the job done with at least one team in the field and one person in the office validating the work and associated costs. Hundreds of people who are all incentivized to keep the project on-time.
When changes happen, affecting the costs and completion dates, they bring about a change order. Important decisions get made without formal agreements. Poor communication and outdated data processing leave companies without proper documentation for what was spent, where it was spent, and why it was spent. These extra costs are the #1 cause for financial disputes on sizable projects.
*According to a 2015 study by McKinsey
A predictive financial management app empowering America’s contractors
Today, almost everyone on a job site has a smartphone creating many new digital opportunities. With a centralized cloud platform, TracFlo instantly connects the field to the office removing openings for loss. In-the-moment documentation with photos and video along with digital review and approval from onsite or offsite, predictive analytics, and simplified workflows saves customers time and money by cutting down on outstanding change orders and creating a complete record of what was done.
Construction + Innovation
- 10% lower capital lost due to lost & poor documentation
- 45 days faster approval time and payment
- 10 hours per week saved for project staff
Digital, Contactless Review
Gaining financial trust
- $17.4M in change orders in the last year alone
- $700K average monthly charge
We are on some of the largest projects in New York City
TracFlo has curated a network of large union contractors in New York City. Because of our roots in the industry, we have been able to quickly gain trust among seasoned builders.
We charge based on
TracFlo takes around 20 basis points on change order transactions depending on size and scope of the project. The more money we help contractors move through the platform, the more we get paid. It's that simple.
A $226.5B addressable market
In the United States, the commercial construction market is valued at $226.5B, and 64% of all B2B transactions still occur as a paper check.
Providing a mobile solution for cost accounting
TracFlo sits at the intersection of project management software and tradition accounting solutions. We're able to capture the field and user data that affect cost and then translate that into the cost data needed for accountants.
TracFlo is the future of digital construction payment
With your investment, TracFlo will continue to build our platform features and launch our innovative new TracFlo Capital platform. With TracFlo Capital, construction companies will be able to scale construction projects with ease, apply for funding and access a carefully vetted marketplace of lenders. Your funding will make it possible for us to streamline the world of construction, from start to finish.
Industry leading investors
Our team brings construction to software, not the other way around.
Khalid and Jake met while Jake consulted as the development lead on an innovation team led by Khalid at Turner Construction in New York City.
Khalid was born in a construction family and came from three generations of carpenters. He started his career running a subcontracting company with his father and uncle before joining Turner Construction. Khalid eventually left Turner with the blessing of the senior VP who wrote a letter of recommendation to MIT. While at Sloan, Khalid was able to apply everything he learned at Turner into what would become TracFlo.
Jake has 20 years of experience in designing and building applications. Simplifying systems to be easier to use has been core to Jake’s approach to finding new ways to apply technology in the world. While starting out professionally with a degree in Industrial Design, he grew up alongside the Internet and was writing code on his Apple IIE while learning cursive.