Trayd, a US-based construction tech startup, has closed a $10 million Series A round led by White Star Capital. Other returning investors Suffolk Technologies and Y Combinator participated, and RXR made both a new investment. This latest round brings the company’s total funding to $15 million.
Construction is a huge industry, but most contractors still rely on paper and spreadsheets for payroll. This means work takes longer and errors are more prone to happen. Contractors spend on average 14 hours a week dealing with payroll processes like wage rules, taxes and compliance.
Trayd is working on resolving this issue. Its platform puts payroll, HR, scheduling, compliance and labour cost tracking all into a single system. It is designed for specialty contractors, including electricians, plumbers and technicians.
Payroll in construction is complex. Workers can be paid different rates on the same day, depending on job type, location or union rules. States also have different tax laws. The system Trayd builds is meant to control all of these within one product. Jobs that used to take hours can be done in minutes, allowing contractors to save time and minimize mistakes.
Anna Berger and Cara Kessler founded the company in New York in 2021. Anna comes from a construction background and witnessed the difficulty of payroll firsthand. Cara has built years of experience designing large-scale systems and manages the company’s engineering frontend.
Trayd has seen rapid growth since its launch, recording solid revenue growth and adding to its team. The demand for such tools is on the rise as compliance rules strengthen, particularly after changes to the Davis-Bacon Act, reflecting broader shifts highlighted in the future of infrastructure. Errors in payroll now can result in penalties or losing contracts.
The platform is already in-use by contractors across the United States and integrates with big-name accounting and ERP systems. Its goal is to be a central platform for running construction back-office tasks.
The fresh capital will help expand the company’s engineering and sales teams, as well as grow its reach in other key markets including California, Texas, Florida and Illinois.
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