Payroll platform Trayd announced the close of a $4.5 million seed round, led by Suffolk Technologies, the venture capital arm of Suffolk Construction, marking increasing demand for streamlined payroll solutions within the construction industry. The funds will further enhance Trayd’s mission of offering same-day pay to construction workers and improving back-office management for subcontractors.

In 2021, Anna Berger and Cara Kessler started Trayd, which is a B2B construction payroll platform meant to provide same-day pay to workers. The solution will help bridge the critical gap in the construction industry concerning the approximately 7 million construction workers in the United States accessing their earned wages 7 to 10 days early than traditional payroll providers. This expedited payment system benefits workers while also enhancing the back-office efficiency of commercial subcontractors. 

Anna Berger and Cara Kessler started Trayd with a very specific vision: revolutionizing the construction payroll process using technology to make timely wage access and streamlined administrative tasks possible. Their finance and technology expertise combined has been vital in developing a platform that can address the construction industry’s peculiar challenges, such as labor shortages and payroll inefficiencies.

Funding Details

The $4.5 million seed funding round was led by Suffolk Technologies, as Trayd has garnered promising early adoption and increasing demand among the key customers. This investment speaks to investors’ confidence in the innovative approach being undertaken at Trayd towards construction payroll management.

Features and Benefits of the Platform

The platform of Trayd provides a holistic suite of features which cater to the needs of the construction industry:

• Same-Day Pay: Subcontractors can access wages earned by the workers on the same day, hence reducing financial stress and increasing job satisfaction.
• Back-Office Management: The platform includes tools that are productive in the back office like time tracking and payroll automation, allowing subcontractors to manage their workforce efficiently.
• Workforce Management: From one place, subcontractors can assign shifts, monitor hours, and process payroll seamlessly, with modern workforce management capabilities.

These features collectively contribute to increased operational efficiency and improved worker retention in an industry often challenged by high turnover rates.

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Market Impact and Growth

Since its inception, Trayd has experienced significant growth, expanding its user base and demonstrating the scalability of its platform. The company’s innovative approach addresses a critical gap in the construction industry’s payroll processes, offering a solution that benefits both workers and employers.

Future Outlook

With seed funding of $4.5 million, Trayd is well-equipped to enhance its platform and expand its market reach.

The company will invest in technology development, customer acquisition, and strategic partnerships to further cement its position as a leader in construction payroll solutions. By continuing to innovate and address the evolving needs of the construction industry, Trayd aims to make a lasting impact on how payroll and workforce management are conducted in this vital sector.