Crazy for ConTech with Anna Berger, Trayd

Welcome to ‘Crazy for ConTech’ with Romey Oulton, a Q&A focused on the Construction Technology Industry. 

This Q&A series is an opportunity for our Head of ConTech, Romey Oulton, to discuss all things construction technology with key players who are championing innovation and digitalisation in the construction space. 

This week we have been in touch with Anna Berger, Founder & CEO of Trayd.

Trayd is an all-in-one construction back office operating system that has payroll and compliance at the forefront. Trayd offers a modern workforce management platform, best-in-class time-tracking tools and payroll automation to unlock Earned Wage Access on every paycheck.

What inspired you to create Trayd? 

I was first inspired by my dad! He has worked in construction my whole life and I’ve had a front row seat to his back office and its need for – but lack of – construction software. My earliest ideas started there and then as I started validating the idea and building my own connections in the space, I saw the real need for a vertical SaaS tool to alleviate the painpoints of the everyday  construction back office. 

From the world of dating apps, digital media, and hospitality, all the way over to the land of construction technology – broadly speaking, why construction? 

If you had told me five years ago that I’d be building a construction payroll platform, I wouldn’t have believed you. That said, the problems in construction are so vast and the green space for innovation is so big, that as a founder, that’s what got me excited. Very few startups have focused on building software for trade contractors, despite them producing the trillions of dollars of work that make this industry go around. I feel lucky that I get to lessen their every day problems with purpose-built software. 

You’re now a 2x founder – what lessons did you learn from your first time founding and how are you doing things differently this time around (or are you not…? If so, why)? 

So many! The biggest lesson was not having a technical cofounder my first go around. It’s absolutely essential to have a technical thinker and leader on the founding team. Once I validated Trayd and built my own conviction on the idea, recruiting Cara (co-founder and CTO) and getting her to join me was my number one priority. 

What’s your secret sauce to success? Any advice you’d give to aspiring entrepreneurs or innovators in the ConTech space?

Do your research upfront and be unwavering about it. As the founder, you should have zero doubt that your company should exist. As you bring your idea to life, there will be plenty of obstacles; VCs will reject you, people with no experience in the space will offer their unsolicited feedback, there will be doubt all around. Stay focused and keep pushing. You know best. 

What’s the biggest challenge/mistake you’ve learned from in a business setting? 

Oh man, this is a hard question! It’s impossible for me to pick just one as I continue to learn and grow every single day. As founders, we make a thousand micro decisions a week. Some we get right, some we need to optimize. I’ve learned to not fixate on one decision or one misstep, and instead focus on the greater path forward. 

What role do you see VC investment playing in the success of a start-up? 

VCs can help actualize a great idea and bring it to life. Raising equity allows founders with big ideas to go out and prove themselves right. It’s an opportunity few get but for Trayd, it has made all the difference in the world. Trayd is a complex product. We would have been limited in how far we could have pushed the platform had we not raised venture capture. I am grateful we found the right VCs to not only inject capital but ones who have also provided strategic support as we’ve grown the business thus far. 

A little birdie told me you have a cheeky Seed stage raise to announce… what are the plans with this funding and Trayd’s short term/long term growth? 

Yes! I am very excited to announce our $4.5M seed round led by Suffolk Technologies, with support from Bloomberg Beta and Y Combinator. We’ll use this new funding to continue our product development, expand our team in New York City, and scale up our go-to-market motion.  Over time, we aim to be the single software platform needed for back office teams to run their construction business. We will continue expanding the product and its features until we achieve that goal.

What are the best resources that you use to learn about our industry? (podcasts, books, websites, people etc.)

The construction industry is known to be quite fragmented, with hundreds of thousands of different entities spread across the US. As a result, there are an incredible number of member associations, used to build networks and communities. I have become a member of a select few that are key to our business. To keep my ear to the ground about industry updates, key legislation, and local/national events, I follow their newsletters and websites closely. 

What does diversity, equity, and inclusion mean to you? What value does it bring to you and your team?

As two female founders, DEI is at the forefront of our company culture. We believe in fostering a workplace where there is diversity of background, which ultimately leads to diversity of thought and innovation. Great things happen when different and sometimes opposing ideas come together to build. 

Tell us about Trayd’s approach to talent acquisition and culture? Has it changed since you first founded the company?

Our team is everything! With less than 15 people, we are still relatively small. At this stage, talent acquisition is incredibly important. We are in-person 5 days a week, so that impacts how we recruit. We are looking for top-tier talent that gets excited to be in the war room with us every day.  In addition, the more Trayd grows, the more customer-centric we become. Our talent will need to empathize with and be excited to interact with our customers on a regular basis.

New Years Resolution? It can’t be giving up chocolate… 

I will never be able to give up chocolate…for this year, my resolution is to play more tennis in NYC! It’s not an easy feat but there is nothing I love more than an hour on the court.

Favourite hype up tune? 

Runaway (U & I) by Galantis! I can confidently say I’ve listened to that song before any major pitch or presentation for the best hype up!