March 23, 2022
Construction Fintech PledgX Completes $570,000 Funding
By Rachel Conceiao
PledgX Inc. announced the completion of its pre-seed financing and financial assistance received from the Province of Ontario and the Federal Government of Canada. The firm has collectively secured $570,000 to support engineering and business development. The financing was led by founders and an angel investor.
“Back in 1985 private equity firm Blackstone started life with just $400,000 in seed capital,” said Satya Vattekat, CEO of PledgX. “We’re already ahead of them and just as ambitious. PledgX is on the precipice of building a new tradeable asset class as it pertains to construction bonding and guarantees, and it all starts with us helping contractors to qualify for more jobs.”
Contractors including sub trades spend an inordinate amount of time building qualification statements to pre-qualify for construction jobs. While many buyers seek standardized forms which are neither easy to fill nor free. Between the needs of contractors and buyers, a solution to this problem is estimated to be worth US $1.5 billion annually.
The company recently unveiled PledgXQualify, a SaaS solution that can save a mid-sized contractor $45,000 per year and an active buyer of construction services at least $150,000. Contractors can now generate qualification statements without cut and pasting, generate a pdf and submit to existing procurement systems using any industry-standard forms. With PledgXQualify, contractors can get suggestions to build an impressive pre-qual package in minutes. Buyers can set up and invite pre-quals through PledgXQualify and select the right contractors with minimal effort using an AI-driven Smart Select service.
PledgXQualify was available as a free trial in
@the_construction_zone, the fastest growing social media channel for contractors with more than 120,000 followers, and the company