Levelset raises $30 million to improve money management for contractors in construction

INSUBCONTINENT EXCLUSIVE:
Scott Wolfe, chief executive officer of Levelset, the New Orleans-based money management and payment startup for contractors in the
was readying himself to go into the family business when Hurricane Katrina hit.As the family business faced significant losses in their
construction.It was during that time that Wolfe saw the need for some sort of software service that could manage cash flow and payment for
the tens to hundreds of small business contractors involved in getting a project done.So he built Levelset to be that service.Now the
company has closed on $30 million in financing from Horizons Ventures, the investment firm backed by Li Ka-shing, who is one of the
some investing around the New Orleans-based Tulane University ecosystem, he immediately felt it was an opportunity that the Horizons
ensuring payment.For now, Levelset is focused on digitizing billing and payments and providing insights into who is actually on a job site
says Wolfe
The construction industry runs on small businesses that lack software and services to process payments quickly
The time it takes to deal with paperwork can delay a project and ultimately cost developers money.Horizons was joined in the new round by S3
Ventures, Operating Venture Capital, Altos Ventures and Darren Bechtel of Brick - Mortar Ventures
Quickbooks, more than half of contractors stated they were not paid on time and had significant cash flow challenges, and more than 75%
craved more transparency in the payment process
statement