California-based startup Pegbo recently announced that they have secured funding to support small and minority businesses in the construction industry. The company, which is certified as a Small Business Enterprise (SBE) by the Californian government, aims to streamline supplier sourcing and promote the participation of local, small, and diverse businesses in construction.
Pegbo raised over $1.4 million in a pre-seed investment round led by venture capital fund Nirman Ventures and other angel investors. The company’s founder, Amar Amte, who has a background in engineering and managerial roles at tech giants like Yahoo! and Google, started Pegbo in 2023 to address the need for increased diversity in the construction sector.
The startup has already made significant strides, doubling its traffic in the last 3 months and generating revenue through Software as a Service (SaaS). Pegbo is also working with top contractors in California, such as Hathaway Dinwiddie, Skanska, Webcor, and Swinerton, to expand its reach and impact in the industry.
In an exclusive interview, Nikhil Choudhary of Nirman Ventures shared that Pegbo will be deploying its spend tracking tool on multi-million dollar projects nationwide in December. This tool aims to streamline supplier outreach for government agencies, enhance diverse vendor spend goals, and improve equipment rental processes.
Pegbo’s focus on increasing transparency in contractors’ diversity sourcing processes has attracted investors like Nirman Ventures. Choudhary mentioned that the startup’s state-of-the-art spend tracking solution gives them a competitive edge in the market and aligns with the growing demand for supplier compliance and economic impact.
With the support of investors and a dedicated team, Pegbo is poised to make a significant impact on the construction industry by connecting government agencies and companies with qualified suppliers, simplifying procurement processes, and driving real economic change.
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