Improving delivery performance for producers and contractors and improving workflows for DOT’s across the country.
Boston, March 5, 2020 – HaulHub Technologies, the Boston technology firm powering the heavy construction industry with state-of-the-art, mobile and web-based solutions, announced today that it has secured $30 million in Series B funding to expand the capabilities of its transportation management platform. Led by funds and accounts advised by T. Rowe Price Associates, Inc., and also led by Durable Capital Partners LP, the funding will be used to accelerate hiring of engineers and other resources needed to bring innovation faster to its customers.
“HaulHub Technologies has proven it has the industry knowledge, depth of team and clear understanding of what is required to modernize the heavy construction industry in its approach to transportation management,” said Joe Spinelli, founder and CEO of HaulHub Technologies. “Now we need to step on the gas, and go even faster, helping our customers improve their workflows and scale their business.”
HaulHub Technologies’ signature cloud-based SaaS transportation solution has increased the capacity, efficiency and transparency of material deliveries for producers, contractors and carriers nationwide. The solution has improved the way materials are delivered, capital assets are deployed, shifts are scheduled, inventory is managed and crews are hired.
“The construction industry is at the tipping point of a digital transformation process that will revolutionize the way business is done,” said Henry Ellenbogen, CIO, Durable Capital Partners LP. “We believe HaulHub has the right team, technology and market experience to create value for its customers, partners and team and build a much larger business.”
“HaulHub Technologies has tapped into a real and pervasive need in one of the largest and fastest growing markets in the world,” said Andrew Davis, Director of Private Investments of T. Rowe Price Associates, Inc. “The team has demonstrated its ability to succeed in the Engineering and Construction market that is just starting to leverage innovative technologies and services to reduce costs, improve efficiencies and streamline processes.”
According to a recent report by McKinsey & Company, “incumbents, new entrants and investors alike are realizing the potential of technology to accelerate projects, reduce costs and improve safety in the (Engineering & Construction) $10-trillion-a-year industry. Contributing 13 percent of global GDP, construction is the largest industry in the world—and is primed to unlock significant value through productivity improvements.”