Trayd, a New York City-based construction payroll and compliance platform, has raised $10 million in a Series A funding round.
The round was led by White Star Capital. It also saw participation from Suffolk Technologies and Y Combinator. In addition, RXR joined as a strategic investor.
The company plans to use the funding to improve its product and expand its presence across the United States. This comes as construction firms continue to look for tools that simplify payroll and compliance processes.
Founded in 2021 by Anna Berger and Cara Kessler, Trayd offers a back-office system for specialty trade contractors.
The platform combines payroll, HR, scheduling, and field tracking in one system. Moreover, it accounts for wage calculations based on trade type, project scope, and location.
In addition, the system manages multi-state tax requirements, compliance reporting, and union-related rules. As a result, contractors can handle complex payroll processes with fewer manual steps.
Since its launch, the solution has reduced average weekly payroll processing time from 14 hours to 27 minutes. This allows companies to allocate workforce resources more efficiently.
Consequently, businesses can recover nearly two days of back-office work each week.
Trayd is available to specialty trade contractors across the United States. Furthermore, it integrates with major accounting systems and Enterprise Resource Planning (ERP) platforms.
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