Empowering Construction with Pegbo's Pre-Seed Success
Backed by Venture Capital
Pegbo's pre-seed round saw an impressive raise of over $1.4 million. This financial boost provides the necessary momentum for the startup to pursue its goals. Managed by Nirman Ventures, with Nikhil Choudhary as the managing partner, the investment validates the potential of Pegbo's approach. Amar Amte, who brings extensive experience from Yahoo! and Google, founded Pegbo in 2023 with a clear focus on addressing the pressing issue of accelerating the participation of local, small, and diverse businesses in construction. His leadership and vision have been instrumental in shaping the company's trajectory.Amar Amte took to LinkedIn to announce the newly raised capital and shared exciting updates. "In the last 3 months alone, we doubled our traffic, completed multiple outreach projects with key labels and triggered SaaS revenue in a big way!! Our team remains fully focused on solving user challenges, and this pivotal support from Nirman VC, along with their extensive network, significantly amplifies our impact and reach!" His words highlight the company's growth and the positive impact of the investment.
Pre-Qualified Supplier to Top Contractors
Pegbo is a pre-qualified supplier to multiple general contractors such as Hathaway Dinwiddie, Skanska, Webcor, and Swinerton—all of which have been listed as California's Top Contractors by Market Sector in 2020. This recognition showcases the trust and confidence placed in Pegbo by these industry leaders. Choudhary revealed Pegbo's next steps in an exclusive with The American Bazaar, stating that in December, Pegbo will be deploying its automated spend tracking tool on several multi-million dollar projects across the nation. The team is excited to witness the progress and speed at which CEO Amar Amte executes these plans.The construction tech startup's current offerings are targeted towards supplier outreach for government agencies. By exceeding diverse vendor spend goals through their supplier diversity program, they are making a significant impact. Additionally, their equipment rental services add value to their portfolio. These offerings address a critical challenge by not only helping government agencies and companies find qualified suppliers but also streamlining the vetting process and enabling tracking of spend and procurement while ensuring compliance with supplier mandates and driving real economic impact.
Nirman Ventures' Perspective
When asked about the reason behind Nirman Ventures' decision to invest in Pegbo at this time, Choudhary told The American Bazaar that the partners at Nirman Ventures have extensive industry experience as operators. They have witnessed the problem statement that Pegbo is solving firsthand, from both the sell side and the buy side. "As local, state and federal jurisdictions demand more transparency into the contractors' diversity sourcing process, Pegbo has a clear advantage with its state-of-the-art spend tracking solution," Choudhary noted. This investment reflects Nirman Ventures' belief in Pegbo's ability to make a meaningful difference in the construction industry.Pegbo is tackling a small subset of a large market, which is precisely what Nirman Ventures likes to see. By focusing on this niche, Pegbo is able to make a significant impact and drive real change. With their innovative technology and dedicated team, Pegbo is well-positioned to continue growing and making a positive impact in the construction industry.