PlanGrid Continues String Of Triple-Digit Revenue Growth

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May 19, 2016, 09:00 ET

SAN FRANCISCO, May 19, 2016 /PRNewswire/ -- PlanGrid, the construction industry's leader in field productivity software, has announced another record quarter, with revenue up 110% year over year. The company has now posted triple-digit revenue growth for an incredible 13 consecutive quarters.

"In the construction industry, 90% of the costs are incurred in the field," said Tracy Young, Co-founder and CEO of PlanGrid. "Software gave office workers huge productivity gains, but the average construction worker was left behind. All that changed with the iPad and 3G wireless networks."

To increase productivity and streamline the building process, PlanGrid created an intuitive, sheet-based mobile construction app that field workers love. PlanGrid provides every team member with up-to-date blueprints on any device, so field workers can resolve issues faster and provide accurate updates to owners, architects, and office-based teams.

"Trying to bring technology into a construction culture can be challenging," said Brian Hood, Director of Field Operations at DeAngelis Diamond. "What's great about PlanGrid is that they broke through that mentality. PlanGrid is just user friendly and easy to learn."

In its first three years, PlanGrid grew using $1.5 million in seed funding from Y Combinator and angel investors, including Sam Altman, Paul Buchheit, and Alexis Ohanian. In 2015, it raised $58 million in venture funding, led by Sequoia and Tenaya Capital. "They had product market fit, great fundamentals, a big addressable market, and first-mover advantage," said Doug Leone, of Sequoia Capital.

In the first quarter of 2015, PlanGrid also grew its leadership team and brought on Jamie Grenney as CMO, and Michael Galvin as CFO. Jamie spent 11 years at Salesforce when it grew from 140 to 10,000 employees, and Michael is a seasoned leader who spent 10 years as Aruba Network's CFO.

Just this week, PlanGrid made another major announcement, adding Carol Bartz, the former CEO of Autodesk and Yahoo! to its board. "Carol had an incredible 14-year tenure as the CEO of Autodesk, growing revenue from $300 million to $1.5 billion," said Tracy Young. "Her experience and influence are going to be incredibly valuable as we enter our next growth stage."

Carol's support is perfect timing for PlanGrid, given its undeniable momentum. "I love the team's passion for the construction industry and I believe PlanGrid can become the new Autodesk," she said recently.

PlanGrid has employees in the top 25 US markets, users in over 200 countries, and is opening offices internationally. "We care deeply about the construction industry," says Tracy Young. "We're excited to be able to transform one of the oldest industries in the world, and build great tools for hard-working people who deserve them."

About PlanGrid

PlanGrid is the world's leading provider of construction software for the field. It helps contractors, owners, and architects collaborate easily from their mobile devices and desktop managing blueprints, specs, photos, RFIs, and punchlists. PlanGrid's cloud-based platform has been used on more than 450,000 construction projects, and it stores over 38 million sheets of digital blueprints. The company emerged from Y Combinator in 2012, and secured over $58 million in funding from world-renowned organizations and individuals, including Sequoia, Tenaya Capital, Northgate Founders Fund, Box, and Google Ventures.

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SOURCE PlanGrid