We have done an investment in Smino, the digital collaboration software for the construction industry. The CHF 3.2 million Series A was led by Bitstone Capital, with participation from Equity Pitcher, Session VC, Swiss Immo Lab, Axept and ConReal.
We are thrilled to announce our new investment in Smino, the digital collaboration software for the construction industry. The CHF 3.2 million Series A was led by Bitstone Capital, with participation from Equity Pitcher, Session VC, Swiss Immo Lab, Axept and ConReal.
Founded in 2016 by Sandor Balogh and Silvio Beer, the company BBC Systems AG provides a software named Smino that enables easy digital collaborations in construction projects. With already USD 12 trillion market size, the construction industry is still heavily dominated by paperwork, which is time-consuming, costly and untransparent. Smino solves these pain points by enabling every stakeholder to work and collaborate digitally from planning to completion, while also actively integrating with other solutions and service providers to become a centralized platform for the whole industry. Furthermore, the reduction of paper use and construction faults, supports the construction industry in reducing their carbon footprint step by step.
Leveraging the easy-to-use product and a freemium model, Smino has demonstrated strong virality to spread among various stakeholders in construction projects. The company has acquired over 15,000 users and is ready to further accelerate its growth by international expansions.
“Serpentine Ventures is a great partner that brings its broad network, internationalization experience and deep understanding of our business. Supported by the well-formed consortium of our Series-A investors, Smino is ready to grow globally and continuously add new features to our product, to make construction collaboration more efficient and transparent.”, says Silvio Beer, Co-founder and co-CEO of Smino.
Max Meister, General Partner of Serpentine Ventures, who is joining the board of directors, comments: “The Covid-19 pandemic has reshaped the way of work in various industries, which creates a great timing for the construction industry to be digitalized. We believe that Smino’s team, with strong product understanding and industry knowledge, has the potential to grow the company into a leader in the USD 2 billion construction management software market.”
“Combining the readily used software suite of construction tech companies with an easy to use interface encouraging the collaboration from start to end of construction projects, Smino has the potential to continue growing virally across all sectors of the construction industry. One thing that struck us most during the investment process was the extremely positive customer feedback that can be summarized in short: once Smino – always Smino.”, adds Dr. Guy Giuffredi, Principal at Serpentine Ventures.
The company plans to use the funds to launch its branch office in Germany and further expand in western Switzerland. The lead investor Bitstone Capital is a venture capital specialized in Real Estate and Construction Technology startup investment. Bitstone Capital will also bring their expertise and network in the construction industry to further fuel Smino’s growth.
We are excited to welcome Smino to the Serpentine family and look forward to supporting the company in its following journey.
