Hubble’s co-founders and top executives with AlteriQ MD Heng Zhi Yong (second from right)
Hubble, a Singaporean startup that aims to transform progress and payments in the built environment industry, has closed a US$5 million funding round led by Asia-focused private credit financier AlteriQ Global.
The funding will be used to accelerate the expansion and growth of its financial services division Hubble.Financial into new industries and beyond Singapore.
Also Read: Understanding the role of fintech, blockchain in transitioning to net zero
Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.
Given the current challenges within the construction sector, such as high interest rates and increased costs for manpower and materials, the financial services unit offers a flexible and sustainable alternative to traditional financing. By providing immediate working capital, it supports main contractors and subcontractors with the necessary liquidity to navigate these challenges.
Since its inception in mid-2023, Hubble.Financial claims to have demonstrated 655 per cent growth to reach over US$20 million across its projects. This number is expected to more than double in 2024 and beyond.
The synergy between Hubble.Build and Hubble.Financial empowers property developers and main contractors to execute early payments at scale based on verifiable progress data and injects liquidity into the built environment supply chain.
Also Read: Navigating the gender divide in Southeast Asia’s fintech landscape
The startup claims to have digitised and automated over 300 construction sites worth over US$50 billion through Hubble.Build’s integrated construction management platform and provided over US$20 million worth of financing to its customers.
With offices in Vietnam, Malaysia, Indonesia, and the Philippines, the company serves over 100,000 users from 3,700 companies daily.
—
Image Credit: Hubble
The post Hubble nets US$5M funding to transform progress and payments in the built environment industry appeared first on e27.