PlanGrid Announces $40 Million in Tenaya-Led Series B Funding

SAN FRANCISCO, Nov. 23, 2015 /PRNewswire/ -- PlanGrid, the leader in construction field enablement software, today announced that it has raised $40 million dollars in series B funding led by Tenaya Capital, with additional fundings from Sequoia Capital, Founders Fund, Y Combinator, and Northgate Capital.

Since its founding 4 years ago, PlanGrid has grown into the largest digital blueprint repository in the world, storing over 30 million construction documents, and recently entered into a mobility partnership with Apple to provide more robust, end-to-end solutions for the construction field.

PlanGrid is planning to use the funding for research and development in response to rapid growth in customer demand.

"We added sales and marketing teams in 2015 to help better understand what our customers needed," said Tracy Young, co-founder and CEO of PlanGrid. "We kept hearing from our customers that PlanGrid's ease of use and elegant approach was a huge hit with their tams in the field, and that they wanted us to do even more. That's why we partnered with Tenaya."

For Tenaya, the opportunity to impact the construction industry is obvious.

"Construction is a massive market that is just beginning to utilize technology in the field," said Ben Boyer, Managing Director at Tenaya, who joins PlanGrid's board of directors with this investment. "With over 300,000 construction projects running on PlanGrid, and 3 times as many App Store downloads as all other construction field apps combined, we believe PlanGrid provides the market leading solution."

You can learn more about PlanGrid's construction field enablement software on their website: www.plangrid.com

About PlanGrid 
PlanGrid is construction software made for the field. Its cloud-based construction document collaboration platform is being used by major construction firms on more than 300,000 projects and is storing more than 30 million construction documents digitally. PlanGrid's platform allows plans and markups to be instantaneously shared with everyone on a construction project, no matter where they are.  It lets contractors, architects, and building owners collaborate from their desktop or mobile devices across all of their project plans, specs, photos, RFIs and punchlists. The company emerged from Y Combinator in 2012 and has since secured funding from Sequoia Capital, Tenaya Capital, Founders Fund, Northgate, Box, 500 Startups, Y Combinator, Navitas Capital, and Google Ventures.

About Tenaya Capital 
Tenaya Capital is a leading venture capital firm with $1.5 billion under management.  The firm invests in high-growth technology companies in the enterprise software, consumer internet, enterprise infrastructure, communications and electronics sectors.  Tenaya Capital is currently investing out of Tenaya Capital VII.  The firm has offices in Portola Valley, CA and Wellesley, MA.  For more information, visit www.tenayacapital.com.

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SOURCE PlanGrid

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