Construction equipment and services marketplace iSeekplant is looking to raise up to $30 million.
Allunga Advisory is in for a busy few weeks. As well as pitching Rovera Scaffolding to potential buyers, the boutique firm is poised to start raising capital for construction equipment and services hiring marketplace iSeekplant.iSeekplant co-founders Matt Peters, Sally McPherson and Drew McPherson.The construction tech company has taken on $13 million of external capital to date, with its most recent raise coming in 2019, when Macquarie Group bought into the business.
It also counts Seven Group Holdings, Position Partners and the Queensland Investment Corporation as existing investors. There are about 400,000 assets and services available on the construction marketplace from 25,000 suppliers.About 80 per cent of the work that flows through the platform is for commercial and civil construction projects, while 10 per cent is for renewables projects like the construction of solar farms.
Having notable investors like Macquarie and Seven, McPherson said, has served the business well, but for this round of capital it’s hoping to score the support of one of an established marketplace.“We’re implementing things Carsales did in the ’90s, and it’s working. There’s so many amazing, highly valuable marketplace business listed on the ASX now, and we’re following those strategies.“How much we raise will depend on the interest level and the path it takes us down.
Construction tech has been a hot segment of late, with companies including Buildxact and Canibuild also raising funds this year.“We were niche, and we were in yellow machines. Anyone in traditional VC didn’t understand it,” she said.
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