Beti Announces $11 Million Strategic Growth Investment Led By PSG
Investment aims to accelerate U.S. expansion and support product growth for new and existing customers
TEL AVIV, Israel - Beti, a cloud-based construction site management software specializing in safety, labor management and quality assurance solutions, which aim to boost onsite productivity, today announced an $11 million strategic growth investment round led by PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, with participation from 97212 Ventures.
Founded in 2018 in Tel Aviv, Beti provides construction developers and general contractors with a one-stop-shop solution for site management that assists them in addressing on-site safety and compliance issues, while simultaneously working to improve on-site efficiencies and boost productivity. Beti introduces a full suite of products, which includes safety, access control, quality assurance and process control, throughout the lifecycle of construction projects. Currently serving 300 customers across many sites, Beti’s customer base encompasses a number of Israel’s top 100 construction companies, including Shapir Engineering, BST Group, Ken Hator, Y.H. Dimri and Afcon Group.
Beti will use the investment to accelerate its U.S. market presence while upholding its current position as a market leader and a one-stop-shop solution for site management in Israel. Following the opening of the company’s first U.S. office in Brooklyn, New York this year, Beti plans to accelerate a growth strategy that focuses on expanding into other key East Coast cities, including Philadelphia and Miami as well as business hubs across New Jersey and Connecticut.
“As the construction industry becomes increasingly focused on improving safety practices and optimizing efficiency, we are continuing to advance our mission to help customers ensure a culture of safety and operational compliance on construction sites,” said Beti Co-Founder and CEO Omer Slavin. “We believe partnering with PSG will allow us to leverage the firm’s deep expertise in scaling and accelerating global go-to-market strategies as we look to bring Beti’s multifaceted platform to our growing U.S. customer base, while continuing to expand our presence in Israel.”
“The post-COVID pressure to digitize project management processes and pursue operational efficiencies, paired with macro tailwinds, including labor shortages and the U.S. shift towards more infrastructure investment and construction spending, uncovered what we believe to be a clear need to develop a streamlined solution for the construction management processes,” said Ronen Nir, Managing Director at PSG. “In our view, Beti stands out as a leading player in the market with a platform that holistically addresses the needs of general contractors globally, and we look forward to supporting them on their exciting growth journey.”
Beti is an advanced, cloud-based platform designed to allow construction companies to easily and efficiently supervise and coordinate workflows and worker safety on the site. It rapidly grew and developed into an extensive platform with various tools and features, which help to enable construction managers to streamline their work processes. Based on cutting-edge Israeli technology, Beti aims to save time and money allowing its customers to access, manage, and oversee their projects in every aspect, from nearly any device. Beti was founded in 2018 after its cofounders met while serving in an elite unit of the IDF and bonded over a shared passion for real estate and construction. Beti has offices in Tel Aviv and Brooklyn, New York. For additional information, please visit www.beti.tech.
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 115 companies and facilitated over 420 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.