RIVET Work Inc. Secures $6 Million Funding to Boost Growth

News Summary

RIVET Work Inc., a Detroit-based company providing innovative workforce management software for the construction industry, has secured $6 million in funding from Brick and Mortar Ventures. This investment will allow RIVET Work to expand into the mechanical engineering market and enhance its service offerings. The firm, founded in 2020, aims to modernize labor allocation processes on job sites, with plans to significantly grow its business and team in the near future.

RIVET Work Receives $6 Million Funding for Mechanical Engineering Expansion

RIVET Work Inc., a company based in Detroit, has successfully secured $6 million in funding to enhance its offerings and expand into the mechanical engineering market. This significant investment was finalized in December 2023 and comes from Brick and Mortar Ventures, a venture capital firm located in San Francisco. The infusion of capital marks a pivotal moment for RIVET Work as it seeks to innovate and grow its audience in the construction technology sector.

Background and Founding

Founded in 2020, RIVET Work has quickly made its mark within the construction industry. The company has successfully raised a total of $14 million in funding since its launch, with previous investors including Michigan-based firms such as Augment Ventures, Detroit Venture Partners, Michigan Rise, and Red Cedar Ventures. This financial backing has positioned RIVET Work as a key player in shaping how workforce management software is utilized across the nation.

Innovative Software Solutions

The brainchild of an electrical engineer who recognized the need for improvement, RIVET Work focuses on providing modern solutions to outdated workforce management processes used by contractors. The company’s software facilitates the automation of labor allocation on construction sites, promoting a streamlined approach to team collaboration and information sharing. Key features include tools that allow contractors to assess labor productivity based on metrics such as units installed per day and per person, enabling better management and efficiency.

Future Plans and Goals

The recent funding boost will empower RIVET Work to tailor its software specifically for the mechanical engineering sector, opening new revenue streams and product offerings. As of now, the company partners with approximately 130 businesses throughout the United States, but it aims to double or even triple its customer base in the coming years by introducing new solutions and expanding its workforce.

Company Growth and Location

Currently, RIVET Work employs about 40 individuals and operates from its office in the Madison building, which overlooks Grand Circus Park in Detroit. As the company continues to grow, plans are in place to move to a larger location in downtown Detroit by 2025 due to space constraints. The CEO has expressed a clear vision for establishing a more robust presence in the region.

A Commitment to Detroit

Since moving to the Detroit area in 2011, the CEO and his wife have made significant personal investments in the city, striving to contribute to its revitalization and economic development. They believe that the values prevalent in the Midwest align well with the construction industry, making Detroit an ideal hub for RIVET Work’s operations. This commitment to the local community is reflected in their company’s ongoing dedication to fostering growth and innovation within the industry.

Conclusion

With the acquisition of new funding and a strategic focus on expanding their software into the mechanical engineering arena, RIVET Work Inc. is poised for extensive growth. The interplay of modern technology and traditional construction practices presents a ripe opportunity for contractors and engineering firms alike. As they continue to evolve, RIVET Work stands at the forefront of transforming workforce management in the construction industry.

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Additional Resources

• Crain’s Detroit Business: Startups Net Nearly $100M Across Eight Deals in Q2
• Wikipedia: Workforce Management
• Detroit Free Press: Job Corps Centers Pause in Michigan
• Google Search: Job Corps Michigan
• MLive: Resource Fair for Students Affected by Job Corps Closure Planned in Detroit
• Google Scholar: Job Corps
• New York Times: Kristen McDonald Rivet Democrats Michigan House
• Encyclopedia Britannica: Job Corps
• SiliconANGLE: RIVET Secures $6M to Enhance Workforce Management Solutions
• Google News: RIVET Work Inc