Construction Fintech Startup Trunk Tools Announces Launch with $9.9M in Seed Funding
Trunk Tools, a construction-focused fintech startup that addresses the skilled labor shortage by helping workers get paid faster, announced its launch out of stealth with $9.9 million in seed funding. The oversubscribed round was led by Innovation Endeavors, with participation from Fifth Wall, Foundation Capital and several others. Trunk Tools has also been accepted into the latest cohort for Stanford dy/dx, a program supported by Sequoia Capital, Accel, Lightspeed, Index, Innovation Endeavors. The infusion of capital will fuel the company’s growth by expanding its talented team, helping accelerate the development of its unique output-focused incentives solution, and driving market adoption.
“The manufacturing and construction industries have grappled with a labor shortage and productivity crisis that Trunk Tools is solving,” said Trunk Tools Founder and CEO Dr. Sarah Buchner, who has 19 years of experience in construction, with a Ph.D. in civil engineering and an MBA from Stanford. “Research from Engineering News-Record shows an all-time high in construction job openings and projects nearly 40% of existing craft workers retiring within 5 years. The construction and manufacturing industries must become more competitive employers in an environment where skilled labor is in increasingly short supply. This funding will enable us to deliver software and business solutions to help construction employers make on-site labor work more productive, safer, and rewarding.”