Zlien has launched the industry's first completely free collaborative lien waiver exchange tool.
Cloud-based lien rights management platform zlien has announced that it has raised $1.3 million in a funding round led by Brick & Mortar Ventures to tackle the exchange of lien waivers in the construction industry, and released a new Waiver Exchange tool enabling everyone in the construction industry to easily and electronically sign, exchange, and collaborate on lien waivers.
Lien waivers are exchanged thousands of times each day by parties on all sides of construction payments. Current exchange processes are inefficient and paper heavy, and the complexities associated with lien waiver transactions slow down payments and expose companies to expensive risks.
"It's about time for a tech solution to the lien waiver problem," saysDarren Bechtel, the managing director of Brick & Mortar Ventures. "Lien waivers are key components of every construction payment transaction. The construction technology industry has been exploding recently with the emergence of job site apps and project management platforms, and now lien waivers finally have their solution."
zlien's new Lien Waiver Exchange tool is the first public and completely free collaborative lien waiver product that's easy to use by everyone in construction - from property owners and lenders to general contractors and subcontractors to material suppliers and equipment renters.
Already a game changer in the construction Software as a Service (SaaS) arena, zlien enables construction companies to easily manage their mechanics lien rights. Over 10,000 users - including Fortune 500 company ThyssenKrupp Elevator Corporation, GrayBar, and L&W Supply - use zlien to secure payment by sending, filing, and tracking mechanics lien-related documents with ease and confidence. Last year alone, the zlien platform processed more than 250,000 projects and secured over $4 billion in contract value.
The new Waiver Exchange product aligns with zlien's mission of revolutionizing the construction payment process. "I founded zlienwith the vision of empowering fast, easy, and fair payment for all stakeholders in the construction industry," says CEO Scott Wolfe. "A huge part of this industry's payment problem is the messy and complicated lien waiver process. Our new product will make the exchange of lien waivers more collaborative, fair, and easy for everyone."
Brick & Mortar Ventures focuses exclusively on investments in the construction technology space. The firm's portfolio includes other innovative and disruptive construction SaaS companies such as BuildingConnected, PlanGrid, and Rhumbix. In addition to managing Brick & Mortar's investments, Darren is a tech advisor to several large construction-related firms, including Bechtel Group.
"Exchanging and collaborating on lien waivers is a choke point for construction payments," said Wolfe, "and we're really excited to work with Brick & Mortar to solve this problem for the industry."
For more information about zlien, or a free demonstration, visit www.zlien.com.