In a deal expected to help it pick up new clients and expand, Black-owned software provider Citiri has received a growth investment from RCP Equity.
The investment will help Atlanta-based Citiri scale up to serve more airport and public transportation customers and expand into other industries like healthcare or utilities that require large-scale construction projects that serve multiple users. Citiri makes software to help manage major airport and public transportation construction projects.
Though financial terms were not disclosed, Pensacola, Florida-based RCP Equity reportedly made a “7-figure investment” into Citiri. That contribution, known as a Series A investment, typically is made by an investor into a privately-held, startup firm that has moved forward in building a viable business model, shows strong growth potential, and the ability to generate fresh revenue.
Serving airport and public transportation owners, operators, program directors, and construction managers around the globe, Citiri reports its customers have capital improvement projects and programs ranging from $200 million to $20 billion in construction value. The firm’s clients include the San Francisco International Airport, Los Angeles World Airports, and the Port of Seattle.
Citiri Co-Founder and CEO Ortez Gude developed the firm’s software specifically around major airport construction projects. The reason: they have multiple stakeholders—including airlines, airport vendors Transport Security Administration, and airport staff—with exacting needs when a new facility is built and is ready to begin operations. The software helps account for all those needs during construction and provides cohesiveness during the designing, building, and opening process.
Citiri announced the funding will help it accelerate the expansion of its go-to-market team to scale up for what is expected to be an increasing number of new airport and transportation improvement projects, driven partly by the COVID-19 emergency. It expects to benefit from the need for greater stakeholder involvement in the commissioning and pre-commissioning process, and increasing pressure to help curb costs as construction budgets are expected to tighten.
Ortez stated his firm is well-positioned for immediate and rapid growth with RCP’s investment.
“Demand for our software among airport and transit executives, operators, consultants, and program managers was growing rapidly, even before the COVID crisis,” Gude said. “The investment from RCP gives us the ability to serve more airport and transit hubs and expand into other major complex construction environments as such people-dense facilities evolve and adapt to the post-COVID reality.”
Along with highlighting the need for remote work capabilities, Gude told Black Enterprise COVID has made critical operational readiness and resilience work a top issue for construction owner executives. He says the work is far too complex to be left to chance by using outdated inefficient and error-prone methods. “For this reason, Citiri’s software is quickly becoming the industry standard for construction owners.”
Gude added Citiri develops software that helps owners of large complex construction projects manage them effectively, save money, and prevent avoidable costs while enhancing their operational capabilities.
RCP partner Cleve Bellar, who will join Citiri’s board of directors as part of the deal, stated, “Citiri is a great match for RCP because of the quality of its product and its potential for explosive near-term growth across many transportation and construction projects. Citiri also brings to the table a committed founder-led team with the vision and expertise to create a better way to incorporate stakeholder and end-user needs into the planning and construction processes. We believe the pieces are in place and the timing is right for Citiri to revolutionize these critical, complex functions.”
RCP Equity calls itself a self-funded, venture equity firm focused on amplifying growing companies with people, processes, and resources to help them see around the corners and navigate what’s ahead.