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ORLANDO, Fla., June 25, 2019 (GLOBE NEWSWIRE) -- RedTeam Software, the cloud-based construction management software provider, today announced it has closed a funding round with Riverside Acceleration Capital (RAC). The funding will support RedTeam’s growth as it continues to scale, providing resources for hiring, product enhancements and expansions, and more. RedTeam is currently in the second expansion phase of its Orlando office and plans on adding 20 new local jobs over the next year.
Terms of the deal were not disclosed.
RedTeam is the most comprehensive cloud-based platform for the commercial construction industry. With RedTeam, users can manage all aspects of construction business. Project teams use RedTeam and collaborate online by creating and sharing contract documents, posting updates, uploading photos and monitoring performance in the cloud. RedTeam’s platform is scalable, primarily designed for small and medium businesses while also serving companies with hundreds of millions in annual revenue. More than 500 construction companies are currently managing their projects with RedTeam software.
“RAC is a strong financial partner for RedTeam, and specializes in helping companies like us – high-growth enterprise software companies – scale at a rate that keeps pace with our clients’ needs,” said Michael Wright, CEO at RedTeam. “We look forward to a great long-term relationship with a partner dedicated to our growth.”
RAC provides funding and resources to support companies across their entire lifecycle. As part of The Riverside Company, which has more than $7 billion in assets under management and 30 years of experience, RAC invests exclusively in enterprise software companies, specifically serving high-growth B2B software companies.
“Software continues to improve the way we work, and when paired with modern infrastructure and devices, can do so for an ever-increasing number of industries and roles. RedTeam's cloud-native platform offers a prime example, leveraging desktop, mobile and API interfaces to smooth workflows and enhance communications for office and field workers alike,” said Jonathan Drillings, partner at RAC. “Built for contractors, by contractors, RedTeam improves efficiency, record keeping and collaboration, ultimately bettering outcomes and lifting margins for its customers.”
To learn more about RAC, visit https://www.riverside.ac.
To learn more about RedTeam, visit https://www.redteam.com.
About RedTeam Software
RedTeam Software offers the most comprehensive cloud-based solution for construction project and accounting management. With intuitive social design interface and real-time updates, RedTeam enables construction and accounting teams to collaborate effectively online at all stages of a project - from business development and pre-construction to closeout. For more information on RedTeam, visit https://www.redteam.com.
About Riverside Acceleration Capital
Riverside Acceleration Capital (RAC) provides flexible growth capital to expansion-stage B2B software and technology companies, through an investment structure that maximizes alignment while minimizing dilution. RAC is part of The Riverside Company, a global private equity firm with $7.3 billion in assets under management. Riverside makes control and non-control investments into growing businesses valued up to $400 million. www.riverside.ac
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