Urban Umbrella, a New York City based innovative scaffolding design company, raised $9m in Series B funding.
Consisting of $7m of equity and $2m of debt, the capital brings the total raised by Urban Umbrella to $18m. Backers included NYC based strategic real estate developers and building owners.
The company will use the capital for increased fabrication of its flagship product, expansion of its product line into new market categories, and making key hires, in order to accelerate its expansion in New York City.
Led by Benjamin Krall, Founder and CEO, Urban Umbrella provides a cross-bracing-free sidewalk shed composed of high-strength steel, translucent plastic panels, LED lighting, and white arching struts.
As of early October 2020, the company’s scaffolding and sidewalk sheds were installed on 87 buildings, with another 25 in the pipeline.
The scaffolding has become the product of choice for developers, building owners, and general contractors, including Savanna Fund, Sciame Construction, Gilbane Building Company, The Feil Organization, GFP Real Estate, Lendlease Group, George Comfort & Sons, and Hines.
The product has recently been installed at Seven World Trade Center, New York-Presbyterian’s Milstein Hospital, One Court Square, The General Electric building, an FDNY fire station in Times Square, Ralph Lauren flagship, Louis Vuitton flagship, the Museum of Arts and Design, as well as churches, restaurants, and schools throughout New York City, including Avenues: The World School.
FinSMEs
13/10/2020