Constrafor

Constrafor is a SaaS construction procurement platform with embedded financing, founded in 2019 and headquartered in New York City. The company's cloud-based platform streamlines and expedites subcontractor procurement and administration for general contractors, handling contracts, certificates of insurance (COIs), invoices, payments, and diversity procurement in one centralized system. For subcontractors, Constrafor offers an Early Pay Program (EPP), which allows them to receive payment for approved invoices within 24 to 48 hours, improving cash flows by up to 80 days without relying on traditional lending sources.

The platform utilizes AI-powered technologies to enhance efficiency and reduce manual work. For instance, Constrafor's AI-powered Insurance CoPilot has reduced insurance review processing time from 25-30 minutes to less than five minutes, with the ability to process multiple reviews simultaneously. The company also employs generative AI to automate manual reviews of insurance and other documents. As of April 2023, Constrafor had over 23,000 contractors registered on its platform and was experiencing 25% month-over-month growth. The company reported a 700% revenue growth in 2023.

Constrafor's technology integrates with contractors' existing systems, including accounting programs, ERP systems, and project management tools. The platform also features a controlled access system that allows administrators to grant or revoke permissions based on employee roles, enhancing data security. In January 2023, Constrafor partnered with Stripe to offer a banking product, with over 80 companies using this service as of April 2023.

Key customers and partnerships

Constrafor serves customers throughout North America, with thousands of contractors registered on its platform. The company has partnered with fintech platforms like Stripe and Plaid to ensure secure payments and invoicing for its users. The company's goal for the end of 2023 was to facilitate over USD 100 million in invoices per month through its Early Pay Program.