PermitFlow, a software company that specializes in construction permit management, has raised $5.5 million in a seed funding round led by Initialized Capital.
Other participants in the funding round included executives and founders from top companies in the PropTech and ConTech industries such as PlanGrid, Procore, Bluebeam, Thumbtack, Opendoor, Zillow, and Mighty Buildings. PermitFlow is the leading provider of permitting software and plans to use the funding to streamline the permitting process, making construction faster and more reliable.
The complexity and time-consuming nature of obtaining permits can be a significant bottleneck in the construction process. PermitFlow’s software simplifies and reduces the time it takes to obtain permits, allowing affordable housing projects to receive approval in a shorter time frame. The software provides contractors and developers with a scalable in-house permit research and operations team that takes the burden of complex permitting processes off of PermitFlow’s customers. PermitFlow’s team, which combines construction experience with workflow software expertise, has developed software that combines permitting intelligence with automation to help customers save time, reduce errors, and increase transparency.
According to Francis Thumpasery, PermitFlow’s co-founder and CEO, permitting is a significant bottleneck in the construction process that often leads to project delays and disruptions. This is especially problematic at a time when affordable housing and infrastructure are critical issues in America. Thumpasery believes that reducing this barrier is crucial, and the $5.5 million seed funding will enable PermitFlow to accelerate its work to simplify the path to permitting. The company has already seen its software used for multi-family development in Florida and housing density programs in California, and it is eager to expand its capabilities.
Kim-Mai Cutler, Partner at Initialized, is impressed with Francis, Sam, and the entire PermitFlow team’s relentlessness and focus in breaking one of the construction industry’s most painful bottlenecks. She’s excited to support them at this critical time when many processes weren’t even digitized until the pandemic.
In the near future, the startup will focus on further streamlining the permitting process by increasing automation and additional integrations. The company plans to build add-on software and support to serve permitting-related needs as well.
For more information, please visit PermitFlow.com.
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About PermitFlow:
PermitFlow is a platform for construction permit application and management, founded in 2021 by Samuel Lam and Francis Thumpasery. The company’s goal is to streamline and simplify the construction permitting process in the United States, unlocking more value in the $1.6 trillion construction market. PermitFlow’s software reduces the time it takes to obtain permits while standardizing the building permit submission process across municipalities in a single platform. The company provides end-to-end support for permitting, including permit research, application preparation, submission, and monitoring. With nationwide coverage and expertise in local municipalities, the company can help builders obtain permits whether they are working in a single municipality or across multiple states.
About Initialized Capital:
Initialized Capital is a venture firm that invests in early-stage companies with conviction before their potential is obvious. The firm is made up of a diverse group of founders, builders, and operators who understand the challenges of building a successful company. Initialized backs visionaries who use software to improve society and supports them through product-market fit and beyond. The firm was an early investor in companies like Coinbase, Instacart, Flexport, and Cruise. Initialized’s portfolio, which includes six core funds, is worth close to $200 billion in market value, with 25 companies valued at $1 billion or more and 5 valued at over $10 billion.
