Detroit-based “Rivet” raises more than $2 Million in seed funding to build digital tools for the commercial skilled trades
Augment Ventures leads the latest fundraising round with IDEAL Industries, Detroit Venture Partners, WPMC, Michigan Rise and other backers
DETROIT, MI — Software company Rivet (Rivet Work Inc.) has secured an additional $2 Million in seed funding a year after raising its initial $600,000 in a pre-seed round. Michigan-based Augment Ventures led the oversubscribed round, with participation from Detroit Venture Partners, Michigan Rise, WPMC, IDEAL Industries and established angel investors. The funding will be instrumental to launch Rivet into the estimated $500 billion U.S. construction skilled trades market. “We’re excited to support the Rivet team in their mission to revolutionize how people and assets are managed by skilled trade contractors,” said Sonali Vijayavargiya, Founder & Managing Partner at Augment Ventures. “The construction industry is hungry for new age technology solutions to support a new wave of skilled trades joining the industry. Rivet’s out-of-the box scheduling and asset management solutions will start delivering impact from day one and do not require extensive IT implementation.” Rivet has seen accelerating demand since launching its beta in 2020, attracting contractor customers nationwide via a strategic partnership with IDEAL Industries’ Electrical Division. Rivet’s digital platform is being offered to electrical contractors alongside IDEAL’s more than 3,000 tools and supplies for electricians. Rivet’s subscriptions already include hundreds of millions of dollars in labor that has been managed this year.
“The ongoing labor shortage and generational change are two of many factors driving adoption of digital tools in construction,” said Ryan Meitl, Rivet CEO. “At Rivet, we’ve built our platform hand-in-hand with contractors and labor to address these challenges and create win-wins for everyone.” Rivet’s workforce platform helps commercial contractors quickly and easily organize and manage labor and equipment across various job sites in a real-time fashion. Rivet competes with the long-standing status quo of managing labor, job sites and assets via a complex combination of excel sheets, texts, emails, phone calls, white boards and other low-tech, analog options. Rivet brings the full lifecycle of resource planning and tracking online with automated, predictive scheduling tools that eliminate the leaking administrative costs hiding in labor and asset management at contractors. About Rivet Rivet (Rivet Work Inc.) is revolutionizing the way the trade connects crews, jobs and skills. The Rivet team is inspired by America’s skilled trades and has decades of experience working alongside the trade in the electrical, automotive and IoT industries. Rivet is based in Detroit and founded in 2020. The founding team includes Ryan Meitl, Alison Accavitti, Andy Lawrence and Louis Gelinas. To see how Rivet modernizes the skilled trade scheduling and field work experience, visit www.rivet.work. For general inquiries, contact Rivet by phone at (313) 742-7429 or by email at hello@rivet.work. About Augment Ventures Augment Ventures is an early stage venture capital fund that invests in companies at the intersection of digitization and data that are transforming traditional industries. Augment seeks mission driven founders with diverse teams that bring intellectual rigor to solving big, real-world problems.
Augment invests in software, smart hardware, and physical science innovations that are changing the way people live, work, and play around the world. www.augmentventures.com