Sitedrive secured a 4 million euro loan funding from Business Finland
Published: 2.2.2023
Sitedrive, a construction technology company that specializes in improving productivity on construction sites, has secured a 4 million euro loan funding from Business Finland for their 8 million euro project. The funding will be used to accelerate the development and scaling of Sitedrive’s solutions, which connect all data from the construction value chain to a shared schedule, enabling effective communication and seamless collaboration among construction foremen and workers.
Sitedrive’s solutions focus on creating a comprehensive construction management experience, from supply chain management to installation, quality control and payment. Their convenient platform ensures seamless communication and collaboration between all parties involved in a building project.
The construction industry has stagnated in recent years, with productivity improvement remaining at less than 1% in the past 20 years. Sitedrive’s bottom-up approach addresses this problem by empowering construction foremen and workers to plan and execute their work better. The company’s solutions have been specifically designed to revolutionize the field and to ensure that their customers reach their full potential.
With over 70 customers, more than 300 construction sites, and 1,000+ weekly users, Sitedrive has already proven the benefits of its model. The company’s development partner Fira has demonstrated time savings of 41% in the construction of a multistory apartment building. Through continued partnership, this progress will continue, enabling Fira to further increase productivity and financial performance as its production maturity improves.
Sitedrive’s owners have been committed to the growth and progress of the business for a long time, and they’re prepared to invest more heavily to allow the company to broaden its marketing and sales beyond borders. Business Finland’s funding will offer the necessary capital to reach these goals and back the acceleration of the company’s development and scaling program.