RIVET raises $6 Million to expand Workforce Management to more contractors
Rivet.Work a leading Workforce Management platform for electrical construction, has successfully secured $6 million in funding, led by Brick & Mortar Ventures, with participation from other investors including defy.vc. This new capital brings RIVET’s total funding to over $14 million, supporting its expansion into multi-trade businesses and adding new features such as labor forecasting and automated labor requests. RIVET is distinguished by its customer-centric approach, providing tools that help manage labor efficiently across various job sites, ultimately aiding contractors in preventing margin fade and enhancing project management.
DETROIT, MI — Today, RIVET (Rivet Work Inc.), the leading electrical construction Workforce Management platform, announces $6 million in fresh capital. Brick & Mortar Ventures led the round, with participation from existing investors defy.vc, Augment Ventures, Detroit Venture Partners, Michigan Rise and angel investors. RIVET has raised over $14 million to date and RIVET customers cumulatively plan billions of billable labor in RIVET’s platform.
RIVET’s platform is the standard in Workforce Management software among electrical contractors. This funding enables RIVET to provide its platform to multi-trade businesses like mechanical, and bring even more value to existing electrical partners.
“Skilled labor shortage is a common topic in our industry where labor can make up to half of project costs for trades,” said Kaustubh Pandya, partner at Brick & Mortar Ventures.
“RIVET’s platform has proven to be incredibly beneficial for its customers, helping them manage billable labor and upskill their workforce. We are thrilled to announce our partnership with the RIVET team, who is already bringing their bold vision of helping trades and self-perform GCs to fruition.”
Since its 2021 pre-seed round, RIVET has expanded its platform and feature offerings to the estimated $500 billion U.S. construction skilled trades market. RIVET’s platform now offers powerful tools including labor forecasting, which gives project managers a look at estimated labor demands months and years into the future. Most recently RIVET added notifications and automated labor requests to the platform, which saves merit and union operations teams time and frustration when requesting workers.
“We care about our customers,” said Ryan Meitl, RIVET CEO. “We care more than anyone else. That is what sets us apart and has allowed us to build best-in-class workforce management solutions and services for our industry. Our customers know that we care and that is why our customers promote us to their peers.”
RIVET’s workforce management platform helps commercial contractors quickly and easily manage labor across job sites in real-time. Beginning with forecasting labor in pre-construction, to building a tactical plan for who will be on each project, through executing against those labor plans; RIVET brings construction project labor operations online, helping contractors complete more work and prevent margin fade.
“RIVET’s emergence as a leader in electrical construction Workforce Management is undeniable,” said Neil Sequeira, founder and partner at defy.vc. “Their commitment to innovation and customer-centric solutions aligns perfectly with defy.vc’s ethos. The team’s deep understanding of the industry, coupled with their relentless drive to address the void in the market, convinced us of their potential. We believe in RIVET’s ability to not only transform the construction industry but also to set new standards for Workforce Management across various trades. This investment represents our confidence in RIVET’s vision and our commitment to supporting disruptive technologies that make a meaningful impact.”
To get in touch with the RIVET team, reach out at hello@rivet.work.
About RIVET
RIVET (RIVET Work Inc.) is revolutionizing the way the trade connects crews, jobs and skills. The RIVET team is inspired by America’s skilled trades and has decades of experience working alongside the trade in the electrical, automotive and IoT industries.
RIVET is based in Detroit and founded in 2020. To see how RIVET modernizes the construction workforce management experience, visit www.rivet.work. Connect with RIVET on LinkedIn, Instagram and Flickr.
About Brick & Mortar Ventures
Brick & Mortar Ventures is an early stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. Notable past investments of the firm and its General Partner include Seed round participation in PlanGrid, Levelset, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire, Curbio, and Curri. Brick & Mortar Ventures is based in San Francisco, CA.
About defy.vc
Founded in 2016, defy.vc is a Silicon Valley based early stage venture capital firm. Defy was founded to invest in entrepreneurs and companies looking to solve complex problems. Defy’s focus is to help early stage companies mature and scale into companies ready for growth capital. The firm’s team has more than 50 years of venture experience, successful operating backgrounds and actively helps successful entrepreneurs grow companies from inception through exit. Connect with defy at https://defy.vc/ and @defyvc.
