Struxtion, LLC, founded in 2020 by Gregg Lund, is announcing that the company has raised $5.5M to close its seed round of fundraising.
“I’m excited for Struxtion to continue to move ahead with our vision and to continue to develop our proprietary technology that serves the construction industry,” said Gregg Lund, Founder and Chief Executive Officer of Struxtion.
The investment, led by North American Properties, Inc., will be used to continue the development of Struxtion’s one-of-a-kind fintech platform. North American Properties, is a national developer of multifamily, mixed-use, office, student housing, hotel, and retail projects.
A fast-moving fintech startup, Struxtion provides working capital to contractors in the commercial construction industry, ultimately removing the financial obstacles that so many of them face in growing their businesses. The company also works with general contractors and project owners to expand their portfolio of contractors through its turnkey solution.
Struxtion’s solution is especially important to the construction market because it’s an industry that is expected to experience more than 40% workforce turnover within the next decade. This shift will usher in new faces at all levels of the construction landscape, especially in terms of entrepreneurial activity and contractor creation. Struxtion will assist them in meeting their needs in growing their businesses.
“With several contractors already on the platform, Struxtion is focused on guiding the commercial construction industry today and into the future—a future full of new, diverse contractor businesses with unmet working capital needs,” Lund explained.