Trayd, a groundbreaking construction payroll platform, announces its $4.5M equity fundraising, reflecting strong early adoption and growing demand among key customers. Suffolk Technologies, the venture capital affiliate of Suffolk Construction, led the seed round with support from Bloomberg Beta and Y Combinator.
Read also – Atombeam Secures $20 Mn in Funding
The new funding will fuel product development, team expansion, and scaling efforts to meet the market demand.
Read also – StackAdapt Raises $235Mn in Funding led by Teachers’ Venture Growth
“We are thrilled to announce this milestone. Trayd is the first platform of its kind, and every day, I have the privilege of watching contractors finally see a purpose-built software made just for them. For these builders, Trayd removes duplicative systems, and enables them to focus on the job at hand, all while staying compliant,” says co-founder and CEO Anna Berger. “As we propel forward, listening to our customers and solving their most pressing problems will continue to be central to our mission.”
Born into a construction family, Berger saw back-office inefficiencies first hand working in her father’s office. Seeing the impacts of multiple systems leading to errors across necessities like payroll, Berger designed Trayd to simplify payroll processing and compliance management for the next generation of specialty contractors.
Built by co-founder and CTO Cara Kessler, Trayd serves the complexities of union payrolls and certified payroll reporting, allowing contractors of all sizes to participate in larger, federally-funded projects. The company has already gained impressive traction with union customers, such as Century Drywall, a 600-person drywall contractor serving the Northeast United States. At the same time, the platform’s robust fringe benefit calculations and prevailing wage overrides make it an effective solution for non-union contractors. Trayd simplifies the operations of managing a high-turnover workforce, creating more opportunity in a high-pressure, low-margin industry.
“When our trade partners operate at peak efficiency, it elevates the entire construction ecosystem and enables our project teams to build better and smarter,” said John Fish, Chairman and CEO of Suffolk. “We are thrilled to welcome Trayd to the Suffolk Technologies portfolio and support their innovative approach to streamlining payroll compliance and back office operations for specialty contractors. Trayd is helping to advance the construction industry and empower its critical players to focus on what they do best — building the future.”
This funding round catapults Trayd’s plans to roll out high-demand features for the construction back office, grow its software engineering team, and serve additional customers throughout the country.
About Trayd
Trayd is a construction payroll and compliance software designed for specialty contractors. The all-in-one back-office platform offers payroll, scheduling, field tracking, HR, and accounting tools. Led by co-founders Anna Berger (CEO) and Cara Kessler (CTO), the team has a shared goal of simplifying payroll processing and compliance management for the next generation of builders.
