Bayern Kapital is investing in Reinvent as part of a low seven-figure seed financing round. The Munich-based construction tech startup offers software that digitizes the entire communication process with trades and customers during construction projects—from planning and construction processes to key handover. This should significantly reduce construction project costs and delays. Other investors include High-Tech Gründerfonds (HTGF), Foundamental, and Astutia Ventures. With the new funding, the Reinvent team plans to expand its sales structure and develop new software features. Bavaria Capital It is the second investment in the young company.
Reinvent's software-as-a-service (SaaS) solution consists of 15 individual features that connect all project stakeholders throughout the entire construction and warranty phases on a centralized platform. The focus is on sales, customer, project, and defect management.
The background to the Reinvent idea: Compared to other industries, the construction industry is among the laggards when it comes to digitalization. Furthermore, analyses show that up to 30 percent of construction project costs are caused by inefficiencies, errors, or unclear communication. This leads to delays and budget overruns during the construction process. The Reinvent software, which is currently still primarily used in the residential sector, is therefore aimed at property developers, project developers, architects, planning offices, and construction companies.
The team led by founder David Uhde now plans to gradually expand its capabilities to include office, retail, and hotel properties. In addition, the sales force will be expanded and expanded regionally. The team currently consists of 15 employees.
Ultimately, saving time and money
David Uhde about Reinvent’s approach:
"Only six percent of all companies in the construction industry consistently use digital planning tools. This is where we come in. By enabling all parties involved, such as project developers, planners, construction or sales companies, to communicate in a structured manner from the outset using our software and keep an eye on the customer's wishes, a construction process can be managed much more effectively. Our vision is predictive construction: being able to make data-based predictions about which project steps in the construction process will cause which problems in the future, ultimately saving time and money."
Strategically highly interesting investment
George Ried, Managing Director of Bayern Kapital, explains:
"The digitalization of the construction and real estate industry is still in its infancy. In addition, construction activity in Bavaria is increasing in the residential real estate sector, while many developers are complaining about escalating costs. Reinvent's software enables faster construction while staying within budget. Because the Reinvent team combines construction expertise with startup expertise, and the software has already garnered its first satisfied customers, Reinvent is a strategically highly interesting investment in the construction tech sector for us."
