Agave, a software company that automates back-office finance for construction firms, raised a $15 million Series A led by Accel, the company announced July 7. Accel also led Agave’s seed round, and Y Combinator returned as an investor.
Agave sells a unified API that links the systems contractors already run, including accounting, ERP, and project management, and layers AI on top for tasks like accounts-payable invoice processing, expense management, vendor compliance, and analytics. The company says it spent about four years building two-way connections into more than 14 construction platforms across cloud, hosted, and on-premise setups. “AI adoption in construction won’t come from replacing existing systems, but from enabling AI to work seamlessly with them,” said Tom Reno, cofounder and CEO of Agave.
The round brings Agave’s total funding to more than $20 million since it started in late 2021. The company says it works with more than 500 general and specialty contractors, has been profitable for over two years, and tripled recurring revenue year over year. It did not disclose a valuation.
Agave says it will use the money to triple its team this year and ship more than four new products over the next six months.
