Goldman Sachs Invests in Construction Finance Platform Rabbet in $8 Million Series A

Austin-based SaaS platform brings efficiency and faster decisions to
the $1.3 trillion U.S. construction industry

AUSTIN, Texas–(BUSINESS WIRE)–Rabbet,
a leading intelligent construction finance platform, announced today it
has closed an $8 million Series A round backed by Goldman Sachs’
Principal Strategic Investments group, QED Investors and Camber Creek.

Rabbet brings efficiency, accuracy and visibility to the complex
construction finance industry. The platform uses machine learning to
parse documents and connect information for reduced administrative
burden, instant compliance and faster decision-making for real estate
lenders and developers.

“With the support of Goldman Sachs, QED and Camber Creek, Rabbet will
further its mission to bring frictionless transactions to the
construction industry,” said Will Mitchell, Rabbet CEO and co-founder.
“Our name represents our commitment to strengthening connections in the
real estate industry and fueling today’s connected construction economy.
Through intelligent automation, our platform provides operational
efficiency, improved customer experience and faster payments,
representing a $21 billion opportunity for lenders and borrowers.”

With the new funding, Rabbet, formerly known as Contract Simply, will
continue to invest in the development of its automation platform, expand
service offerings and cultivate partnerships with leading construction
lenders, developers and other industry stakeholders. It will also
support the company’s efforts to expand its software engineering and
sales teams in Austin.

“We firmly believe construction finance is going to be automated and
brought out of its decades-old, paper-ridden process. Rabbet is the only
solution we’ve seen that can handle the complexity of this transition.
We are committed to being on the forefront of technology, and working
with Rabbet ensures we stay on the leading edge,” said David Bell,
Managing Director of Goldman Sachs’ Construction group.

Founded in 2017, and accelerated with Y Combinator, the company has seen
rapid growth since its seed round in October 2017 led by Tectonic
Capital. To date, Rabbet has improved efficiency for projects sized up
to $150 million coast-to-coast.

For more information about Rabbet, visit www.rabbet.com.

About Rabbet

Rabbet is bringing efficiency, accuracy and transparency to the complex
connected construction economy. The intelligent construction finance
platform uses machine learning to parse documents and connect
information for reduced administrative burden, verifiable compliance and
faster decision-making for real estate lenders and developers. Based in
Austin, Texas, Rabbet is venture-backed by QED Investors, Camber Creek
and Goldman Sachs. For more information, please visit www.rabbet.com.

About Goldman Sachs Principal Strategic Investments

The Goldman Sachs Principal Strategic Investments (PSI) group seeks to
make long-term strategic investments in fast growing technology
companies. The global team of investment professionals is deeply
connected across Goldman Sachs’ Securities Division as well as
Technology and Operations groups. The PSI group’s investments focus on
market infrastructure, financial technology and enterprise technology
companies, and often engage in a strategic relationship that may include
joint product development, IP licensing arrangements, service provision
arrangements and market participation agreements. For more information
visit: http://www.goldmansachs.com/what-we-do/investing-and-lending/principal-strategic-investments/psi.html

About QED Investors

QED Investors is a leading boutique venture capital firm based in
Alexandria, VA. QED is focused on investing in early stage, disruptive
financial services companies in the U.S., U.K. and Latin America. QED is
dedicated to building great businesses and uses a unique, hands-on
approach that leverages their partners’ decades of entrepreneurial and
operational experience, helping their companies achieve breakthrough
growth. Notable investments include Credit Karma, ClearScore, SoFi,
Avant, Nubank, Remitly, GreenSky and LendUp.

About Camber Creek

Camber Creek is a venture capital firm investing in technology that is
changing the landscape of the real estate industry. Camber Creek’s
partners include real estate owners, operators and decision-makers. The
firm’s mission is to connect these leaders with the companies that are
introducing innovative technologies to the real estate sector. Camber
Creek and its partners contribute directly to the success of Camber
Creek’s portfolio companies, and partners utilize the portfolio’s
technology solutions in their core businesses. Camber Creek, its
partners, and its portfolio companies are working together to bring the
real estate industry into a technology-driven future. More information
can be found at http://www.cambercreek.com/.

Contacts

Danielle South
Danielle@redfancommunications.com
(o)
(512) 551-9253 / (c) 512-662-7078

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