Qmerit, an Irvine, CA-based provider of cloud-based MRO supply chain solutions, raised $11.75m in its first venture capital financing.
The round was led by Strandview Capital alongside strategic investors Schneider Electric’s fund, an investment vehicle of Schneider Electric, and innogy Ventures, the investment arm of Germany-based energy group innogy SE. In conjunction with the funding, Kevin Covert from Strandview and Heriberto Diarte from Schneider Electric will join Qmerit’s Board of Directors.
The company intends to use the funds to expand its sales efforts as well as increase and accelerate product development.
Led by Qmerit Chairman, Founder and CEO, Tracy K. Price, Qmerit provides a cloud based workforce management platform that reduces labor and material costs and improve service quality for building owners, property managers, OEMs and contractors. The platform enables companies to vet, onboard, manage and objectively measure their contractors through a proprietary Qmerit Contribution Index™ (QCI). Similar to a FICO score, a QCI score is continuously calculated for each contractor based on their quality, responsiveness, compliance, customer ratings and more.