North Coast Ventures (NCV) is thrilled to announce a new Seed Fund IV investment in OnStation. OnStation is a Cleveland, Ohio-based BtoB software company offering a digital stationing platform to the road construction industry. The platform provides road construction / paving contractors, civil engineer consultants and Departments of Transportation (DOT’s) with location-based project records from bid to close.
‘Stationing’ is the fundamental system of measurement used for road layout and construction. Stations are reference points that are placed along the horizontal measurement of a route centerline or a baseline at some regular interval. Reliable stationing is crucial to road workers and contractor managers in order to efficiently and accurately report, document and manage jobsite activity. OnStation users are able to avoid paying hourly wages to work crews who are lost on the job, leverage real-time analytics to keep jobs on time and under budget, and recoup revenue for disputed work.
Construction technology is a large and growing market with many investments being made. The industry is rapidly adopting new technology to support field operations with trends that suggest the digital locationing category is becoming a core requirement for road construction projects. OnStation has already established itself as an emerging market leader in “Digital Stationing” – a term the company coined. There is potential for significant market expansion as OnStation pursues additional customer profiles in the road construction industry and adjacent industries.
OnStation's executive team is led by CEO Patrick Russo, who has demonstrated a strong sales focus. OnStation has achieved significant early traction, growing monthly recurring revenue nearly 4x since 2023 and finding initial product-market fit. The company has seen recent account expansions and strong interest from state Departments of Transportation (DOTs). Additionally, OnStation is developing strategic partnerships that underscore its promising market position and growth potential.
The current $7M Series A round was led by JumpStart Ventures with participation from Jobs Ohio, Up2 Opportunity Fund, New Dominion Angels, Vision Tech, Next Chapter Ventures, Techstars Ventures, Golden Angels and Frontier Angels.
About North Coast Ventures
North Coast Ventures (NCV) is a Cleveland-based early-stage venture capital firm primarily investing in B2B, SaaS companies. With over 470 member investors, NCV is the largest, single-chapter investor group in the country. Since 2006, NCV and its member investors have deployed more than $100M into over 70 high-potential ventures. For more information about North Coast Ventures and its portfolio, visit northcoast.vc.