The Western New York Impact Investment Fund is backing another innovative local company, continuing an active year of impact investments in the Buffalo region.
The Fund is proud to announce a $250,000 investment in CAHill Tech, a woman-led technology startup creating new frontiers for construction companies and their employees.
CAHill Tech is the third company to receive an investment from the Fund in 2023, with several more deals expected to close by year’s end.
“We’re seeing many exciting opportunities to support innovative entrepreneurs who are creating mission-oriented companies in Western New York,” Fund CEO Tom Quinn said. “In the meantime, our existing portfolio is making incredible progress building businesses that make our hometown a better place.”
The Fund raised $12.55 million in new funding recently to continue its work in place-based social impact investing. In assessing potential deals, the Fund places equal emphasis on commercial promise and social impact in Western New York. That innovative model has been featured recently in several national publications, including Forbes and The Foundation Review.
Clarence-based CAHill Tech develops software tools for the construction industry, helping companies recruit, train, and retain new employees amidst intense workforce pressure. Its flagship product, aQuiRe™, replaces a chaotic system of paper manuals and ad hoc learning sessions.
CAHill Tech recently received a $750,000 grant from New York state to develop aQuiRe Academy, a technology tool at the top of the workforce funnel. CAHill Tech is developing aQquire Academy in concert with education and workforce development partners, who have expressed a deep need for effective training tools in construction.
“CAHill is a team of hard-charging innovators who are building a world-class technology company in Western New York,” Quinn said. “Their new product will have a deep impact in our hometown by launching people from low-income communities into meaningful careers.”
CAHill Tech was founded in 2019 by Carley Hill, who previously spent 22 years with Union Concrete and Construction Corp. Hill has spent most of her life supporting construction zones and operations and is building a company around the problems she personally experienced.
“The construction industry is undergoing tremendous disruption, with a huge wave of federally-funded projects on the way but a vast undersupply of new workers to take the place of retiring Baby Boomers,” Hill said. “We want to use this moment to create opportunities across the construction spectrum, from underemployed workers to the companies that need them.”
The Western New York Impact Investment Fund previously invested $250,000 in CAHill Tech fall 2022. Other backers of the company include Techstars Iowa, Launch NY and private industry investors.
CAHill Tech has significant traction as it continues to onboard private sector and municipal clients, with a 98% retention rate for existing subscribers. The company recently inked a $50,000 deal with the NYS Department of Transportation’s Office of Diversity and Opportunity, which will introduce aQuire™ to community-based organizations in Central New York.
The new $750,000 grant comes from the NYS Office of Strategic Workforce Development’s Pay for Performance program, designed to support industry-driven workforce development programs. aQuire Academy participants will learn the ins and outs of working in road construction as well as technology, financial and other soft skills to prepare them for direct hiring. The grant will also cover transportation and childcare services for participants if needed.
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The Western New York Impact Investment Fund is an innovative for-profit investment fund made up of corporate, private, and philanthropic investors. The investors are committed to providing a source of funding for socially responsible businesses and organizations located in the eight counties of Western New York while seeking a financial return on their investment. Since late 2017, the Fund has invested more than $9 million in 12 regional organizations. The Fund has raised more than $20 million since its inception to deploy in support of companies in the community, including the recent closure of $12.55 million from new and existing investors.
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