Cosuno receives $30 million

The company wants to digitize the construction industry - and make building projects more efficient and cheaper in the process.

Berlin-based startup Cosuno has raised $30 million in a Series B funding round. The financing round was led by investment firm Avenir Growth. Spark Capital and Cherry Ventures also contributed money. The two firms had led Cosuno's Series A round six months ago. The latest funding now brings the company to a $150 million valuation.

Cosuno plans to put the investment into expanding into new European markets. The startup also wants to drive product development. Cosuno has 140 employees and an office in Berlin-Mitte. The company aims to digitize the construction industry. It wants to make construction projects more efficient and cost-effective.

According to Cosuno, the construction industry is one of the least digitized industries in the world. The start-up's software is now intended to ensure efficient and transparent collaboration between all people involved in construction projects. The crucial processes should be able to be mapped digitally: from planning to payment. This would enable customers to involve subcontractors in planning at an early stage, find the right prices and pay more quickly via the software. Since its market launch, the software has already handled a volume of four billion US dollars in the construction context, according to the company.