I have been a Fool for the past 1 year and only recently came across these boards which is a treasure trove of knowledge and information. I have been keeping an eye on new companies that might either disrupt their industry or disrupt one of our favorite companies. I came across the company below and tried to do some digging on them but there is not a lot out there right now, so here is what I have:
Rabbet’s (formally known as Contract Simply) platform is a first to market and category crusher with its cloud-based SaaS workflow management platform.
~ It enables banks to align all stakeholders in the construction lending process.
~ Their product captures legal and tax information, digitizes and view all documents relevant to a deal. The process is currently heavily manual and paper-based, making it time consuming and prone to errors.
~ Automates construction payments between developers, builders and sub-contractors.
~ AND they have reoccurring subscription revenue model!
~ The company was built by two Co-founders Will Mitchell and Andrew Latimer back in 2017. They received 120k in startup funding in 2017 to get their idea off the ground. Then in February 2019 they received financial backing by QED Investors for 8.1 M and Goldman Sachs construction finance division also uses their software and will take them IPO. Rabbet has not submitted their SEC S-1 as of yet (not that I can find).
~ Rabbet (Contract Simply) conducted an industry-wide study to evaluate how slow payments affect development project costs, risks and project completion. It distributed the survey to 1,300 contractors representing a wide diversity of construction trades. The survey’s findings indicate that slow payments in the industry result in $40 billion in superfluous costs annually.
I think they are a lot like DocuSign in that they digitize all the documents capturing all relevant information and making it easier and faster for everyone to get paid. From what I can tell Rabbet and DocuSign are in two different areas B2B & B2C. I do think however they would make a perfect match for each other. Either way this might be one of those IPO’s to keep on your watch list. Your thoughts and feed back are welcomed as I am new to investing and investing in IPO’s.