The leader in pre-construction environmental permitting software has more than doubled in size since its last raise.
The round was led by Cultivation Capital (St. Louis, MO, and Greenville, SC), in partnership with Cofounders Capital (Cary, NC) and Runway Venture Partners (NYC), with participation from Charlotte Angel Fund (Charlotte, NC), SaaS Venture Capital (D.C. and Miami, FL), Shadow Ventures (Atlanta, GA), and Stout Street Capital (Denver, CO). “We’re excited to bring these new partners together,” said Lee Lance, CEO. “This latest funding round and the collective expertise of our investors support our vision to expand Ecobot, allowing us to bring our transformative platform to more stakeholders throughout the architecture, engineering, and construction industry.”
“Ecobot is an ideal opportunity for Cultivation Capital,” said Cliff Holekamp, cofounder and general partner of Cultivation Capital. “We are excited to lead this round and to be part of a stellar group of value-add investors, many of which we have partnered with before.”
This new investment round will allow Ecobot to widen its scope of environmental permits and build additional project management tools into the platform. Also as part of this expansion, Ecobot will provide more integrated ways for engineers to leverage field data into a digital twin to improve the resilience of the built environment.
“This capital will allow Ecobot to continue to execute on its plan while adding new talent to this already amazing team,” said Tim McLoughlin, Ecobot board member and partner at Cofounders Capital.
“The Ecobot team’s expertise and execution to date were amplified by the customers we spoke with during diligence. The stated urgent need for the Ecobot platform and its impact on clients’ bottom-line results in a clear endorsement of Ecobot as the unequivocal leader in this space,” says Anna Garcia, partner at Runway Venture Partners. “We’re delighted to include them in our startup portfolio.”
Ecobot was cofounded in 2018 by CEO Lee Lance and chief scientist Jeremy Schewe, PWS, as a means of digitizing the environmental permitting process, affording greater efficiency and accuracy to scientists in the field, and ensuring the transparency and security of the data collected. To date, Ecobot customers have generated over 45,000 pre-construction environmental analysis reports. In November 2021, former vice-chairman of AECOM and former board member at WSP Global, Grant McCullagh, joined Ecobot’s board to lend his expertise in the AEC space as Ecobot broadens its platform.