Suppli, a construction tech company that provides account receivables services to construction suppliers, announced that it had raised $3.1 million in seed funding. Leading the round was Equal Ventures, with additional participation from Audacious Ventures, Dash Fund, Chase Gilbert (CEO of Built Technologies) and Ali Javid (CEO of Wrapbook).

The company claims that the construction materials industry sees $500 billion in sales annually but that many vendors in the space work off paper and spreadsheet powered processes or use software that isn't designed for the specific needs of the industry.

"Currently, paying for construction materials requires, on average, more than 15 documents for each sale, it takes about 83 days to get paid in construction, and more than 40 percent of suppliers don't offer online payment," Suppli claims.