MassMutual Ventures backs Rapid Applications Group
Rapid Applications Group , an ERP software solution for heavy equipment construction subcontractors, announced its equity financing led by Boston-based growth equity firm Wavecrest Growth Partners and MassMutual Ventures. The funds will be used to accelerate product development and customer growth.
Rapid Apps enables heavy equipment construction subcontractors to optimize the utilization of their fleets with scheduling and job dispatching, telematics GPS tracking, mobile workforce labor tracking and payroll, plus customer ordering, billing, and payments, all in one connected solution. Many of the largest heavy equipment subcontractors in the concrete, hydrovac, and crane space, including Brundage-Bone, Concrete Pump Partners, and Kinetic Industry, trust Rapid Apps every day to manage their operations and provide insight into performance and productivity.
“As construction projects have become more complex, large, sophisticated machines are playing increasingly critical roles to complete projects quickly and efficiently. Rapid Apps has helped hundreds of companies increase utilization and lifespan of cost-intensive construction services equipment, securing ROI and increasing profitability by replacing legacy software and manual processes. With this investment from Wavecrest and MassMutual Ventures, we are looking forward to expanding our growth into existing and new markets.” – Matthew Bullis, co-founder of Rapid Apps.
“The construction technology industry has been a growing and dynamic space for the last 10-15 years. General contractors led the first wave of technology adoption, resulting in several software companies delivering billions in value for all stakeholders. We believe that subcontractors will lead the next wave of technology adoption in the construction industry, leading to additional significant software companies. We are excited to partner with Rapid Apps to help them to become the leading player in the heavy equipment space and to help them further fuel their growth.” – Deepak Sindwani, co-founder, and Managing Partner at Wavecrest.