Nebraska startup CompanyCam becomes first unicorn in that state after $415m round

We don’t usually share stories about Nebraska. While we can argue forever about where is - and is not - the Midwest, Nebraska is generally considered to be part of this great region of ours. But when we launched, we made the decision to limit our geographic scope. Which meant no Nebraska. But straight off the back of a recent story about founders from Iowa, we found out about CompanyCam.

The 10-year-old Lincoln, Nebraska-based company recently raised $415 million according to Pitchbook, which led local news including Silicon Prairie News to suggest a resulting $2 billion valuation. While we’re not able to validate this independently, and our data source Dealroom has the round but not the amount, we’ve no reason to doubt their report. Most importantly, this would make CompanyCam the first startup in Nebraska to reach ‘unicorn’ status. 

A valuation of this size obviously marks a meaningful moment for any regional ecosystem. Despite being home to the corporate behemoth that is Berkshire Hathaway and its chairman and CEO Warren Buffet, a company crossing the unicorn threshold in a place that has historically seen limited late-stage capital is worth paying attention to. Additionally, it adds to the broader story of where growth is happening across the middle of the country.

CompanyCam was founded in 2015 by Luke Hansen. Hansen built the app to address workflow issues at his family's roofing business. The initial launch on July 1, 2015, involved using photos and GPS to enable contractors to monitor their jobs remotely. Today, the company reports hundreds of thousands of users with over 21,000 reviews on the App Store, averaging 4.8 stars, and is investing in AI features for its product roadmap. 

The funding round, led by California-based B Capital, which is co-founded by Eduardo Saverin, one of Facebook’s early investors and co-founders, and now becomes CompanyCam’s biggest external backer, according to the report. The Omaha Daily Record reported that Hansen and the leadership team continue to control the board and daily operations, while B Capital contributes strategic value through its global network and AI expertise. They also reported the company is considering expansion into the United Kingdom and possibly Europe.

Speaking of B Capital, CompanyCam CEO Luke Hansen said they “share the conviction that AI will revolutionize field work and deliver the results our customers want: fewer errors, increased revenue, and most importantly, more time spent with their families."

While Timur Akazhanov, General Partner at B Capital said “CompanyCam has the perfect foundation to introduce more practical, time-saving AI tools to its customers. As a value-added strategic growth investor with unique AI engineering capabilities, B Capital is excited to help accelerate product development and the company's evolution into an AI-first solution for tradesmen."

For Nebraska’s startup scene, which like many states across the heartland often struggles to keep capital, talent, and successful exits within the state, this valuation can hopefully send a clear message. “CompanyCam is a perfect example of the kind of primary job-generating company that we should all celebrate, creating high-paying jobs and long-term wealth in Nebraska” Lincoln, Nebraska Chamber of Commerce CEO, Jason Ball told Silicon Prairie News.