CoFi is a technology company.
CoFi has raised $2.0M across 1 funding round.
CoFi has raised $2.0M in total across 1 funding round.
CoFi (cofilending.com) is a fintech portfolio company founded in 2018 that builds a digital lending platform and construction loan marketplace to streamline financing for builders, lenders, subcontractors, and suppliers in the construction industry.[1][3] It solves chronic pain points like manual draw processes, delayed payments, and cash flow bottlenecks by enabling on-demand financing, transparent payments, and operational efficiency, primarily serving contractors, general contractors, and related stakeholders.[1][3] The platform has demonstrated strong growth momentum, earning a spot on the 2024 Inc. 5000 list of fastest-growing companies, with ongoing expansion supported by funding from investors like Blackhorn Ventures, Metaprop, and Tenacity.[1][3]
(Note: Multiple entities share the "CoFi" name, including cofi.ai—a PE portfolio intelligence tool—and cofimd.com—a healthcare payments platform—but the query aligns most closely with the construction fintech based on its prominent description as a technology company in this sector.[1][3][2][5])
CoFi was founded in 2018 by Mike Lacey and Cam Harris, both experienced builders who encountered firsthand the frustrations of securing construction financing and processing draws amid managing teams and job sites.[1][3] The idea emerged from their own struggles: overwhelming administrative burdens that strained subcontractor relationships and hindered business operations, prompting them to create a platform that automates and simplifies lending into a fast, transparent process.[3] Early traction came from addressing these real-world gaps, leading to product evolution around on-demand payments and loan marketplaces; a pivotal funding round led by Blackhorn Ventures, Metaprop, and Tenacity fueled operational expansion.[1]
CoFi rides the wave of construction fintech (ConTech), a booming sector addressing the industry's outdated, paper-based financial processes amid rising U.S. infrastructure spending and labor shortages.[1] Timing is ideal as market forces like supply chain disruptions, inflation-driven material costs, and demand for faster project timelines favor digital tools that cut build times and costs—CoFi's platform directly enables this by accelerating payments and financing.[1][3] It influences the ecosystem by competing with and complementing players like BuildPay (payments), Constrafor (procurement/finance), and Siteline, pushing broader adoption of tech in a $1.8 trillion U.S. construction market fragmented by slow payments (averaging 60-90 days).[1] By empowering subcontractors with timely cash, CoFi reduces defaults and supports small firms, amplifying startup-like innovation in legacy construction.
CoFi is poised for continued acceleration in ConTech, leveraging its Inc. 5000 momentum and funding to scale the platform nationally, potentially integrating AI for predictive financing or expanding into adjacent real estate tech.[1][3] Trends like modular construction, green building mandates, and federal infrastructure bills will amplify demand for its cash flow solutions, while partnerships with more lenders could solidify marketplace dominance. Its influence may evolve from niche disruptor to ecosystem standard-setter, proving builders can thrive with fintech backing—echoing the founders' vision of revolutionizing an industry ripe for change.[3]
CoFi has raised $2.0M in total across 1 funding round.
CoFi's investors include Tenacity Venture Capital.
CoFi has raised $2.0M across 1 funding round. Most recently, it raised $2.0M Seed in August 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Aug 1, 2021 | $2.0M Seed | Tenacity Venture Capital |