LAB Ventures is pleased to announce that it led a $1.2M Seed round in SmartBarrel in April. This marks LAB Ventures' second investment in the company, after first investing a small amount in 2019 when the product was in a less-complete beta version. Since then, SmartBarrel has released its third-generation device to highly positive customer reviews.Existing investors LexPark Holdings and DreamIt Ventures also participated in the round.
SmartBarrel is an IoT solution built for the Construction Industry that allows both General and Specialty Contractors to become more efficient, providing them with the most accurate labor force data by deploying an easy-to-use, autonomous device on the job site to keep track of workers using facial recognition. SmartBarrel helps GCs to track manpower on the job site, ensure everyone is wearing their personal protective equipment (PPE), and automate the daily log. Subcontractors can use the data generated to automate their payrolls. SmartBarrel is transforming the way contractors manage their workforce and creating safer job sites across North America.
LAB Ventures works strategically with early stage PropTech startups and investors from the Real Estate and Construction industries providing them access to capital, corporate development, customers, innovation and outsized returns through venture capital investments.