Trunk Tools Emerges from Stealth with $9.9 Million Round
Trunk Tools logo

Trunk Tools Emerges from Stealth with $9.9 Million Round

A FinTech specifically made to serve the construction industry has built itself an impressive seed round.

About the round:

This week, Trunk Tool emerged from stealth mode to announce a $9 million funding round. The oversubscribed seed round was led by Innovation Endeavors with Fifth Wall, Foundation Capital, and others also participating. Furthermore, the company announced that it had been accepted into the latest Stanford dy/dx program.

With the new capital, the company intends to expand its team, accelerate the development of its “output-focused incentives solution,” and increase market adoption.

About Trunk Tools:

Trunk Tools is a platform that allows construction companies to offer financial flexibility to employees. With the service, workers can access a portion of their wages on a daily basis. Plus, Trunk Tools integrates with existing payroll systems.

The platform also features an incentive program, allowing managers to create productivity goals as well as safety rewards. Workers can receive these updates via SMS and accept the goal. Then, upon on-time completion, they can receive funds directly on their Trunk Tools debit card. These cards can also be used for per diem payments.

What they’re saying:

Speaking to the need for Trunk Tools, the company’s Founder and CEO Dr. Sarah Buchner said, “The manufacturing and construction industries have grappled with a labor shortage and productivity crisis that Trunk Tools is solving. Research from Engineering News-Record shows an all-time high in construction job openings and projects nearly 40% of existing craft workers retiring within 5 years. The construction and manufacturing industries must become more competitive employers in an environment where skilled labor is in increasingly short supply.” Buchner added, “This funding will enable us to deliver software and business solutions to help construction employers make on-site labor work more productive, safer, and rewarding.”

Elsewhere, Innovation Endeavors partner Scott Brady said of the firm’s investment, “With the construction industry currently facing significant labor shortages, Trunk Tools’ platform offers a much-needed solution. Trunk Tools empowers construction professionals to optimize workflows, enhance collaboration, and achieve unprecedented levels of efficiency. As an exceptional, fast-growing business spearheaded by a highly skilled and qualified team, we are thrilled to support Trunk Tools’ growth and success.”

My thoughts:

On the surface, Trunk Tools may sound similar to other payroll access tools such as Clair — which recently raised some fresh funding of its own. However, it’s clear that Trunk Tools knows its niche and has built a unique product to serve it. On that note, given the specific market that Trunk Tools is targeting, the $9 million seed round is even more impressive. Then again, while the company is focused on the construction industry now, it’s easy to imagine the startup creating versions tailored to other verticals. Of course, that’s just speculation at this point, so we’ll need to wait and see what the future holds for the FinTech.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

stack of credit cards

Credit Card Delinquency Rates Reach Decade High in Q4 2023

According to new data from the Federal Reserve Bank of Philidelphia, credit card delinquencies grew to new "series highs" in the last quarter of 2023. About the report: As Bloomberg reports, credit card delinquencies increased in the fourth quarter. In total, nearly 3.5% of consumer card balances were at least 30 days late. Furthermore, the percentage of card accounts that were 30, 60, and 90 days past due all rose during...
mother talking to her son about credit cards

Survey: 76% of Gen Zers Reports Experiencing Financial Stress

In conjunction with Financial Literacy Month, a new survey from Greenlight highlights financial stress and other money matters among those of different generations. About the survey: Greenlight recently surveyed 2,310 Americans ranging from ages 10 to 59 and asked them about their financial wellness. Specifically, the survey broke respondents into general groups, including Gen Alpha kids (10 to 13-year-olds), Gen Z teens (14 to 19), Millennial parents with Gen Alpha...
two woman standing next to two Petal cards

Empower Financial to Acquire Petal

The popular credit-building card company Petal is being acquired. About the deal: Empower Financial (not to be confused with Empower, which acquired Personal Capital and rebranded it to Empower Personal Dashboard) has signed a definitive agreement to acquire Petal. Details of the deal were not disclosed. However, Empower anticipates the transition to close later this quarter. News of this acquisition also comes as Empower has completed its purchase of Cashalo....
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...