Albiware Closes $8MM Series A Funding Round to Revolutionize the Restoration Industry
DOWNERS GROVE, IL. — March 21, 2023 — Albiware, a leading technology company in the restoration industry, announced today that it had closed an $8MM Series A funding round led by Palm Drive Capital, a venture capital firm focused on investing in disruptive technology startups.
Since its inception, Albiware has gone above and beyond to deliver the best all-in-one platform to help restoration contractors grow and scale their businesses. Albi hopes that this latest round of funding will accelerate its growth and expand its product offerings, focusing on assisting restorers to grow and scale their businesses, get paid faster, and deliver extraordinary customer experiences.
“We’re thrilled to have Palm Drive Capital and other venture capitalists on board as we continue our mission of being the restoration industry’s product-obsessed and restorer-focused technology partner,” said Alex Duta, CEO of Albiware. “This funding will allow us to double down on our obsession with solving restoration problems, and we’re excited to bring even more innovative solutions to the market. The most successful companies focus on solving real-world problems and building products their users can’t live without. I’m humbled to have an incredible board, team, partners, and customers who all envision this overlooked industry as more technologically advanced.”
The restoration industry is ripe for disruption, and Albiware is at the forefront of this transformation. Albiware strives to provide a user-friendly experience for restoration contractors.
“Albiware is transforming the way restoration contractors are doing their business by helping the contractors get paid faster and keeping all information in one place. But what’s most transformational about the Albiware team is their empathy for the small business owners — they know the product that owners need because they came from the industry themselves. It’s rare to find a company so customer-centric and focused on just getting the job done for restoration contractors.” says Joey Kim, Managing Partner at Takeoff Capital and Albiware board member.
“We’re thrilled to partner with Alex, Shamoil, and the rest of the Albiware team to help more restoration contractors streamline operations and grow their businesses. Alex lived the problem running a restoration business for five years; combine that with Shamoil’s product obsession, and you have a winning set of co-founders. They’ve been able to attract great team members who helped grow Albiware, earning the trust of restoration contractors all across the globe. Albiware will continue to re-earn that trust as it executes on its product vision for years and years to come,” says Henry Woram, Partner at Palm Drive Capital and Albiware Board Member.
Albiware’s $8MM Series A funding round represents a significant milestone for the company and sets the stage for continued growth and success in the restoration industry, proving that restoration deserves customer-centric technology solutions.
About Albi: Albi is a restoration job management platform built for the future by restoration contractors. They help restoration contractors complete more jobs and get paid faster. Albi is transforming the restoration industry by streamlining the restoration process and delivering better customer outcomes. For more information, visit: www.albiware.com
About Palm Drive Capital
Palm Drive Capital is a venture capital firm focused on investing in disruptive technology startups. With a portfolio that includes some of the most innovative companies in the world, Palm Drive Capital is committed to driving innovation and transformation across a wide range of industries. For more information, visit: https://palmdrive.vc/
About Takeoff Capital
Takeoff Capital is a VC firm specifically focused on construction and technology and empowers contractors through the use of equipment and technology; Willy & Jabbok Schlacks, Warren Chia, and Joey Kim serve as the general partners at Takeoff Capital.