Trayd Raises $10 Million to Enhance Construction Payroll Solutions
Trayd, a New York-based company specializing in back-office solutions for the construction industry, has successfully raised $10 million in a Series A funding round. The company, co-founded by Anna Berger and Cara Kessler, focuses on streamlining payroll, HR, scheduling, and field tracking for specialty trade contractors.
Investors and Funding Details
The Series A round was led by White Star Capital, with participation from Suffolk Technologies, Y Combinator, and RXR, a real estate and technology investment firm based in New York. This latest infusion of capital aims to accelerate the company's product development and support its national expansion efforts.
Company Overview
Trayd provides an all-in-one platform designed to meet the specific needs of specialty trade contractors. The software offers comprehensive tools for managing payroll, including intricate wage calculations, multi-state tax obligations, compliance reporting, and more. Since its inception in 2021, Trayd has made significant strides in reducing payroll processing time, cutting it down from an average of 14 hours to just 27 minutes per week.
CEO Insights
Anna Berger, Founder and CEO of Trayd, emphasized the efficiency gains their platform offers: "Our solution is transforming how contractors manage their back-office tasks, allowing them to focus more on their core operations."
Use of Funds
The newly acquired funds will be directed towards advancing Trayd's product offerings and expanding its reach across the United States. The company aims to enhance its platform capabilities and support a growing customer base of specialty trade contractors.
Impact on the Industry
By consolidating multiple back-office functions into a single platform, Trayd enables contractors to manage growth more effectively without increasing administrative overhead. Nate Lewis, owner of United General Contractors, noted: "Before Trayd, we spent up to 12 hours a week just fixing timesheets, with manual errors happening roughly 17% of the time. Trayd consolidated three different platforms into one, allowing us to manage 300% growth in our field staff with absolutely no additional administrative burden."
With this latest funding round, Trayd is well-positioned to continue its mission of transforming payroll and workforce management for the construction sector.