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Construction finance platform Agave raised a $15 million Series A led by Accel, co-founder Tom Reno tells Axios Pro exclusively.

Why it matters: Legacy construction tech, which keeps data siloed, is in need of a major renovation. 

Zoom in: Y Combinator also joined the round.

How it works: Agave's agentic AI platform connects with the ERP and project management systems most construction firms have, like Procore and Autodesk, and gives construction field teams real-time financial data.

Users can automatically code, reconcile and import invoices and credit-card transactions.

The startup also built several add-on products that integrate into the platform for invoice automation, expense management, vendor compliance and more

By the numbers: Agave has been profitable for more than two years, and it has tripled its revenue year over year, Reno says. 

The company works with more than 500 general and specialty contractors, like Evans General Contractors, Stacy Witbeck, Brinkman Construction, Satterfield & Pontikes, and RW Dake.

The San Francisco-based startup has raised more than $20 million since it was founded in 2021.

What they're saying: "Construction is very much in the physical world, very offline," Reno says. "There is an aversion to adopting technology, but it's a very overlooked market."

What's next: Perhaps a Series B in the future — if investors have their say.

"It took me three years to get Tom [Reno] to agree to raise a Series A," Accel partner Vas Natarajan says. "I'm ready for a Series B when he is."

Exclusive: Construction tech startup Agave raises $15M

Much of construction tech is old and hard to use.

Illustration of a roll of green sheet steel resembling a roll of cash hanging from a crane 

Construction finance platform Agave raised a $15 million Series A led by Accel, co-founder Tom Reno tells Axios Pro exclusively.Why it matters: Legacy construction tech, which keeps data siloed, is in need of a <a class="gtmContentClick" data-vars-link-text="major renovation" data-vars-click-url="https://xeratec.com/how-legacy-software-is-slowing-your-construction-team-down-and-how-to-fix-it/" data-vars-content-id="0e038c4e-f969-4560-939b-e8eb1952fc30" data-vars-headline="Exclusive: Construction tech startup Agave raises $15M" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://xeratec.com/how-legacy-software-is-slowing-your-construction-team-down-and-how-to-fix-it/" target="_blank">major renovation</a>.

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Exclusive: Construction tech startup Agave raises $15M

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