Simplifying payments between builders and contractors using the web. Eight value adding investors bought to the table.

$2,500,000 Raised

Progressclaim.com is the brain child of entrepreneur and CEO Lincoln Easton he noticed that the building and construction industry in Australia (one of countries largest generating sales of X per annum) still operated in a primitive manner when it comes to approving payments to subcontractors when they complete their part of a project.

It is actually quite deliberate by using paper based approval processes, taking their time certifying works that have been completed before finally approving payment, major builders preserve cash flow at the expense of the subbie.

Considering that 90% of all smaller contracting companies rely on one customer, it is hard for them to rock the boat. Lincoln and his team created an ecommerce business that certifies and approves works completed and issues progress claims electronically this removes hassles, reduces paperwork and makes the process a lot more efficient.

We were always impressed with the technology. However We felt the investor proposition could be sharper and improved so we introduced Bibby Financial Services who created Australia’s first progress claim invoicing financial product. This enables Australian subcontractors to borrow against approved progress claims which optimises their cash flow and lets them grow their businesses.

Our challenge was to explain to investors how the technology worked and engage their interest- this is always a challenge for ecommerce and technology businesses. We launched the capital raising in December 2013 and quickly attracted early capital from a team of leaders that had industry experience and brought extra value aside from financial capital.

They included;

  • Mr Adam Woodhead – Executive DirectorAdam is a sales professional of over 20 years standing and a specialist in construction software, having served as Asia Pac Sales Manager for enterprise vendor Viewpoint and National Business Development Manager for Aconex, the world’s most commonly used project collaboration platform. Adam commenced full time duties as Director - Sales on 2 June 2014.

  • Mr Carey Jack – Non Executive Director
    Carey is an internationally experienced executive with a strong business development background and an unparalleled understanding of the Software-as-a- Service businesses model. He is the current GM - Asia of US enterprise vendor ARES. Prior to that he served for 10 years at Aconex, where he established the Asia business in Hong Kong and subsequently led the Global Partner Program out of London. Carey consented to appointment to the board on 17 June 2014.

  • Geoff Gourley - Advisory Board MemberAs a leading Global Social Entrepreneur, Geoff has successfully established 10 start-up businesses in Construction, Design, Sustainability, Hospitality and Retail. He currently holds a variety of board positions, including with NuGreen Solutions, Sustainability Drinks Australia and the United Nations Association of Australia

  • James Tuckerman - Advisory Board MemberJames Tuckerman is the founder of Anthill Magazine and one of Australia's most accomplished digital publishers having launched numerous digital ventures and helped other companies, large and small, make the transition online or helped them significantly improve their online commercial outcomes.

  • Chris Shields - Advisory Board MemberChris is a multi-award winning commercial architect specialising in community housing. He is the founder-owner of CMS Architects and is Chairman of Directors of CHL Group, including Community Housing Limited and Community Housing Victoria Limited, CHL Industries Ltd, Community Housing Latin America.

  • Gavan Lim-Joon - Advisory Board MemberGavan is an IT professional and founder and former owner of eClinic, a medical and pathology management software service provider sold to Healthscope Ltd in 2009. He is currently the founder-owner of PalCare Pty Ltd, a web application for patient care information management, and a director of Bitwise, an industrial process control and automation company. He has previously held senior positions with Telstra and IBM

This early support resulted in a large private investor making a multi-million dollar investment in the business. Like a lot of high net worth investors he was waiting and watching the process before making a decision to come in. Building competitive tension by bringing in the leadership team who invested in the business was the critical success factor.

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