Plumbline Series A Deck

Series A deck

A Series A for Plumbline, an invented company that gets American construction subcontractors paid faster by moving lien waivers and retainage out of email. It opens the way a Series A actually opens, on twenty three months of momentum rather than on a problem statement, and it carries the three things a seed deck never has: a named competitive landscape, a real profit and loss summary, and a closing slide built to stay on the screen for the whole question period.

Create a presentation with OneCraft12 slides, read in order

Every slide, in order

The whole deck as it renders, one slide after another. Read it the way the audience would.

Photograph of a construction site office trailer interior at the end of a workday, a laptop and stacked paperwork on a folding desk, hard hats on a shelf, late afternoon light through a small window, documentary style, the scene fills the entire frame edge to edge with no borders or letterboxing, no people, no text, no logos

Plumbline

Getting Subcontractors Paid

Series A

Prepared By

Dahlia Reyes, CEO

Date: August 2026

Slide 1 · cover · A report style cover, because a Series A deck is read as often as it is presented.

What the seed round bought

Twenty three months, six numbers

METRIC

AT SEED

TODAY

CHANGE

Annual recurring revenue

$1.4M

$9.8M

+600%

Subcontractors paying

340

2,180

+541%

Payment volume

$210M

$1.9B

+805%

Net revenue retention

104%

128%

+24 pts

Gross margin

51%

68%

+17 pts

Sales payback

19 mo

11 mo

-42%

Raised $4.5M in September 2024 on 340 accounts.
Same product motion, nine times the volume.

02

Slide 2 · comparison · Opens on momentum: six numbers at the seed round beside the same six today.

The problem

How long a specialty trade contractor waits between finishing work and holding the money.

83 days

Average days to be paid

A subcontractor invoices the general contractor, who invoices the owner, who pays on their own schedule. Nothing releases until a lien waiver is signed by every party below, and those waivers still move as scanned PDFs attached to email. Then five to ten percent is held back as retainage for months after the job is finished. The subcontractor is the only party in the chain financing the project, and it is the party least able to.

03

Slide 3 · metrics · States the problem as one number, then explains in prose where the number comes from.

THE SOLUTION

What Plumbline changes

TODAY

WITH PLUMBLINE

Waivers by email

A single pay application can need eleven signed waivers. One missing signature holds the entire draw, sometimes for a fortnight.

Nobody knows where it is

The subcontractor cannot see whether the general contractor has billed the owner yet, so chasing is guesswork and phone calls.

Retainage sits idle

Five to ten percent of every job is held for months after completion, and it is the margin the business actually runs on.

Waivers signed in the flow

Conditional and unconditional waivers are generated per state, signed on a phone, and attached to the pay application automatically.

The whole chain is visible

Every party sees the same status: submitted, approved, billed to owner, funded. Chasing becomes reading a screen.

Retainage advanced

Once the waiver chain is complete we advance retainage at 1.9 percent, underwritten on the job rather than on the business.

04

Slide 4 · comparison · Three problem beats paired one to one with what the product does about each.

How a payment moves through Plumbline

Five hops. We sit on the two that used to be email.

01

Pay application

02

Waiver chain

03

GC approval

04

Owner funding

05

Subcontractor paid

Waivers generated per state

Twenty two states mandate statutory waiver wording. We hold the templates and pick the right one from the job address.

Approval status pushed both ways

A two way sync with the four accounting systems that cover roughly seventy percent of mid sized general contractors.

Underwriting on the job, not the firm

The advance is priced from the owner, the project and the waiver chain, which is why a nine person firm can qualify.

Shipping next: change orders

Change orders are the second largest cause of a stalled draw. The same waiver machinery covers them from Q1 2027.

05

Slide 5 · process · The product itself: five hops the money makes, and the four decisions we own along the way.

TRACTION

Annual recurring revenue

Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
0M3M6M9M12M
ARR

ARR

$9.8M

+206% against the same quarter last year

NET REVENUE RETENTION

128%

On accounts twelve months old or more

PAYMENT VOLUME

$1.9B

Annualised run rate through the platform

GROSS MARGIN

68%

Up from 51% at the seed round

06

Slide 6 · metrics · The traction slide: the revenue curve with the four numbers a Series A investor checks against it.

Where the firms are

All 940,000 US specialty trade contractors, split by headcount. Each square is one percent.

THE BREAKDOWN

62%

1 to 9 staff

Too small to carry a subscription

27%

10 to 49 staff

Our core: 1,610 of 2,180 accounts

9%

50 to 249 staff

Our fastest growing band

2%

250 or more

Already served by enterprise ERP

The 36 percent of firms with ten to 249 staff are large enough to have a bookkeeper and too small to have a treasury team. That is 338,000 firms and the whole of our serviceable market.

07

Slide 7 · metrics · Sizes the market by counting firms rather than by quoting a global spend figure.

COMPETITION

How subcontractors solve this today

Competitor
Pricing
Strengths
Weaknesses
Positioning
Construction ERP suites
$40K+ a year
Deep project accounting
Sold to the GC, not the sub
Enterprise, top down
Invoice factoring
2.5 to 4% a month
Cash within days
Priced on the firm, not the job
Expensive last resort
Waiver point tools
$99 a month
Correct statutory wording
No payment, no visibility
A form filler
Email and spreadsheets
Free
Nobody has to be trained
Eleven signatures, no status
The real incumbent
Plumbline
$390 to $1,900 a month
Waivers, status and retainage in one flow
Only 22 states covered today
Built for the subcontractor

08

Slide 8 · comparison · Names the real alternatives and puts our own weaknesses in the same table.

FINANCIALS

Summary P and L

Line item
FY25
FY26
YoY
Revenue
$4.1M
$7.9M
+93%
Cost of revenue
$2.0M
$2.5M
+25%
Gross profit
$2.1M
$5.4M
+157%
Sales and marketing
$3.4M
$5.1M
+50%
Engineering
$2.6M
$4.0M
+54%
General and admin
$1.1M
$1.6M
+45%
Operating loss
($5.0M)
($5.3M)
+6%
Cash at year end
$6.2M
$3.1M
-50%
Unaudited. Full statements, cohort detail and the cap table are in the data room.

09

Slide 9 · metrics · The financial summary, which is where Series A investors spend the most time.

The team

Forty one people. Nine of them have worked on a job site.

Dahlia Reyes, CEO

Ran accounts receivable for a 400 person mechanical contractor in Phoenix for nine years and spent most of it chasing waivers.

Ivan Petrisko, CTO

Built the payments ledger at a mid market lender. Owns the two way syncs, which is the part of this product that decides whether it works.

Renata Cho, Risk

Joined from a construction surety underwriter in 2025 and wrote the job level model that lets a nine person firm get an advance.

Marcus Oduya, Revenue

Hired after the seed round to replace founder led selling. Sales payback went from nineteen months to eleven under him.

What we still need

A head of compliance for the state expansion, and a second risk hire. Both are funded by this round and both are open now.

10

Slide 10 · checklist · Five people and what each was hired to fix, rather than a wall of logos.

The ask

The seed took us from 340 to 2,180 accounts. This round is about geography and risk capacity.

Series A $18M

to reach $30M of ARR and all fifty states within 24 months

$7.2M

Go to market

Fourteen hires across:

  • Eight account executives
  • Four implementation leads
  • Two partner managers

$5.4M

Engineering

Coverage and depth:

  • Waiver rules for 28 more states
  • Change order workflow
  • Two more accounting syncs

$3.6M

Risk capital

First loss on advances:

  • Supports $600M of retainage
  • Keeps our warehouse line cheap
  • Second risk hire

$1.8M

Compliance and admin

State by state work:

  • Money transmitter licences
  • Head of compliance
  • SOC 2 Type II renewal

11

Slide 11 · investment · The ask, framed as what the last round achieved and what this one buys.

In summary

ARR grew from $1.4M to $9.8M in the 23 months since the seed round.

Net revenue retention is 128%, so the existing 2,180 accounts grow on their own.

22 states covered today. The 28 that remain are a known, funded engineering job.

Advances are underwritten on the job and the owner, never on the subcontractor.

We are raising $18M to reach $30M of ARR and national coverage inside 24 months.

12

Slide 12 · takeaway · The summary slide, written to stay on the screen for the whole question period.

The structure

What each slide is doing, so you can reuse the order even with different content.

Slide 1cover
A report style cover, because a Series A deck is read as often as it is presented.
Slide 2comparison
Opens on momentum: six numbers at the seed round beside the same six today.
Slide 3metrics
States the problem as one number, then explains in prose where the number comes from.
Slide 4comparison
Three problem beats paired one to one with what the product does about each.
Slide 5process
The product itself: five hops the money makes, and the four decisions we own along the way.
Slide 6metrics
The traction slide: the revenue curve with the four numbers a Series A investor checks against it.
Slide 7metrics
Sizes the market by counting firms rather than by quoting a global spend figure.
Slide 8comparison
Names the real alternatives and puts our own weaknesses in the same table.
Slide 9metrics
The financial summary, which is where Series A investors spend the most time.
Slide 10checklist
Five people and what each was hired to fix, rather than a wall of logos.
Slide 11investment
The ask, framed as what the last round achieved and what this one buys.
Slide 12takeaway
The summary slide, written to stay on the screen for the whole question period.

What makes this deck work

It opens on the last round, not the problem

Slide two is six numbers at the seed round beside the same six today. An investor who already believes the category does not need three slides of setup, and this framing makes the rest of the deck a progress report rather than a first date.

The competition slide names our own weakness

Five rows, and the last one is Plumbline with only twenty two states covered written in the weaknesses column. Putting your own gap in the same table as everybody else is what makes the other four rows believable.

The last slide is built for the questions

Not a thank you. Five lines that restate the growth, the retention, the coverage gap, the risk model and the ask, so it can sit on the screen for twenty minutes of questions and keep answering them.

Questions people ask

How is a Series A deck different from a seed deck?

A seed deck sells the team and an early signal. A Series A deck sells a product with demonstrated demand, so it adds a competition slide with a real defensibility argument, a summary profit and loss, and an appendix. It also usually ships as two versions: a spare one for the room and a denser one to email.

What metrics do investors expect at Series A?

Sustained growth over at least six months, retention shown by cohort, unit economics with one or two channels that clearly work, and a credible path to a hundred million in revenue. This deck shows 128 percent net revenue retention and gross margin moving from 51 to 68 percent, which is the shape of the argument.

How many slides should a Series A deck be?

Ten to fourteen for the version you present, twenty or so for the version you email, plus back pocket slides for the questions you know are coming. This example is twelve and assumes a data room behind it.

Should financials go on a slide?

A summary, yes. Series A investors spend more of their reading time on the financials page than on any other. Put revenue, gross profit, the three cost lines, operating loss and cash on one table, and leave the full statements, the cohort detail and the cap table for the data room.

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