We’re elated to announce that Vergo has successfully raised $4.1 million as part of a seed funding round to automate expense management for the construction industry! Led by CRV and with participation from Nine Four Ventures, Forum Ventures, and Wischoff Ventures, this investment marks a pivotal step in Vergo’s journey and our team couldn’t be more excited to invest this money to better serve our customer base.
The challenge in numbers: The construction industry grapples with an immense expense management challenge. The average construction company faces the daunting task of coding over 500 credit card transactions per month and typically uses over 3 credit cards to manage their business. With most ERPs requiring at least 4 accounting codes enriched per transaction and a receipt attachment for an audit trail, this translates to a staggering 30,000 manual data entries per year.
Enter Vergo - the future of expense management for construction companies that harnesses the powers of artificial intelligence to streamline the entire process from the second a transaction is made, to the uploading into your ERP system.
We proudly serve a growing clientele in the construction sector, who trust our solution to untangle their intricate expense management processes. Our unwavering commitment is to save these businesses both time and money. This fresh infusion of capital equips us to further refine our software, ensuring it remains an unparalleled, bespoke solution for the construction industry.
A snapshot of our journey so far:
- Our Customers: Our growth is largely attributed to word of mouth, with a swelling clientele attesting to our solution's robustness and utility.
- Our Value: We’ve revolutionized the way construction businesses address expense management, translating to pronounced time and cost savings.
- Our Investors: The faith and support from CRV, Nine Four Ventures, and Wischoff underscore the transformative potential of Vergo. Their expertise propels us forward, and we're honored to have them aboard.
- Our Team: Every milestone achieved, and every challenge surmounted, is thanks to our passionate team. Your unwavering commitment to Vergo's mission is what fuels our journey.
- If the complexities of expense management weigh down your construction enterprise, let Vergo shoulder the load. Witness firsthand the transformative power of our solution.