This startup offers a platform for construction contractors to efficiently source, manage, and pay suppliers by creating detailed profiles that highlight qualifications and project experience. By providing timely notifications for local construction projects, the platform enables contractors to quickly expand their teams while accessing discounts and wellness support.
Funding
$670K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Construction projects often suffer from cost overruns and inefficiencies due to manual data entry, disconnected systems, and a lack of real-time visibility into project finances. Managing suppliers, subcontractors, invoices, and payments across multiple platforms leads to errors, delays, and difficulty tracking project profitability.
Solution
Coreloops provides an AI-powered financial management platform designed specifically for the construction industry, connecting accounts payable, cost reporting, and contract administration in one unified system. The platform automates data entry by extracting information from invoices and other documents, reducing administrative time by up to 80%. Coreloops offers real-time spend tracking, purchase order management, and tools for managing subcontractors and suppliers, enabling contractors to maintain budget control and improve project margins. By integrating with existing accounting systems, Coreloops ensures data consistency and eliminates the need for manual reconciliation across multiple spreadsheets.
Target Audience
Coreloops targets small to mid-sized construction contractors, specialist subcontractors, and construction finance teams generating between £1 million to £20 million in revenue, who are working on light infrastructure, commercial, or high-end residential projects.
Features
- AI-powered document processing for automated data extraction from invoices and purchase orders
- Real-time cost tracking and variance reporting against budget and contract value
- Integrated purchase order management with three-way matching
- Subcontractor management tools for bidding, quoting, and payment applications
- Automated invoice processing with approval workflows
- Integration with accounting systems like Xero, QuickBooks, and Sage for seamless data synchronization
- Customizable cost codes for detailed project cost analysis
- Mobile access for on-site data capture and reporting