Trunk Tools, a startup providing technology to help construction workers get paid faster, raised $9.9 million in seed funding, the company tells Ryan exclusively.
Why it’s the BFD: By speeding up worker pay and aligning incentives with employers, the startup believes it can boost productivity and safety on construction sites.
Details: The seed financing was led by Eric Schmidt’s VC firm Innovation Endeavors, with participation from Fifth Wall, Foundation Capital and several others.
How it works: Trunk Tools’ service grants workers access to earned wages and bonuses daily via debit cards, rather than making them wait weeks for payroll or paper checks.
Goals are sent via SMS, enabling workers to view tasks, check their balances, and review transactions directly from their phones without having to download additional apps or software.
The company makes money by charging a SaaS fee to construction firms, as well as through interchange fees.