WillItSurvive
Vertical and industry software · subsidiary of Sverica Capital Management · United States

Raken

rakenapp.com ↗

Raken makes daily-report and time-tracking software for construction field crews.

Losing its protection
Assessed 23 July 2026 · Evidence as of 23 July 2026
The structural protection is eroding.
On the recordSince 23 July 2026 · Checkable from 2026-2027 · Every call on the record Checkpoint: Procore's next Copilot/Agents release cycle and Raken's renewal numbers through it
The call

Raken runs a real, paying business inside construction crews, but it sits next to Procore rather than instead of it, and Procore's new AI report tools narrow that gap every quarter.

Raken sells software that helps construction workers fill out and organize daily reports and photos on job sites. The company makes real money (about $25 million per year from roughly 4,500 customers) and workers rely on it for their daily routine, which usually keeps customers around. However, artificial intelligence can now do exactly what Raken does, filling out forms and organizing photos automatically, and Procore, the much larger construction software company that most big projects already use, has started adding these AI features to its own product. The main question is whether Procore will keep improving its AI tools fast enough to replace Raken entirely, since companies tend to prefer one software system instead of two when they can.

Why
01
AI pressure: Procore Copilot and Procore Agents. AI auto-fills field reports and RFIs, the exact task Raken sells, and Procore now ships this natively. Could AI do the core job? Yes, likely.
02
Bigger players: Procore Technologies. Procore rates far higher than Raken on buyer scorecards and is adding AI reporting features that shrink the reason to buy Raken separately. Could a giant copy it? Yes, easily.
03
What protects it. Crews already trust Raken's daily reports for litigation and payroll records, so switching costs stay high even as Procore adds features.
What would change this call
Procore publicly expands Copilot/Agents to cover daily field reports and photo tagging by 2027. Would show Procore closing the feature gap that lets customers run Raken alongside it.
Raken's renewal or net revenue retention rate is reported flat or declining in 2026-2027. Would show existing customers reducing reliance on Raken as Procore's AI tools mature.
Sverica-backed Raken announces a bolt-on acquisition into scheduling or submittals within a year. Would show Raken trying to broaden beyond reporting to resist being squeezed by Procore.
Key numbers
  • Estimated $25M annual revenue (2026-07-06)
  • Procore scores 87 vs Raken's 58 on SelectHub (2025)
  • Web traffic down 8% quarter over quarter (2026-06)
Named risks
  • Core daily-report and photo-tagging workflow is highly automatable by generative AI. Severity: high
  • Procore's Copilot and Agents features could erode Raken's specialist niche. Severity: high
  • New PE ownership under Sverica (since Sept 2025) creates execution and roadmap risk. Severity: medium
  • Hiring pace has slowed post-acquisition, a possible stagnation signal. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Procore Technologieslosing toSelectHub rates Procore 87 vs Raken 58 (2026-03-31); Procore shipped Copilot and Agents AI features
Fieldwire (Hilti Group)contestingSelectHub rates Fieldwire 67 vs Raken 58 as of 2026-04-01
Autodesk Buildgaining onEnterprise BIM-integrated suite competing for same construction PM budget
Questions people ask
Who owns Raken now?
Sverica Capital Management, a private equity firm, acquired a majority stake in Raken on September 9, 2025 in a strategic growth investment. CEO Ty Kalklosch stayed on, and Sverica partners Jordan Richards and Michael Dougherty joined the board.
Is Raken profitable?
Raken has not disclosed profitability or audited financials publicly. It took a Sverica Capital majority growth investment on September 9, 2025 explicitly to fund reinvestment and new product development, which typically signals a company still scaling rather than harvesting profit.
Could AI replace Raken's product?
Raken's core workflow, structured daily reports, photo logging and time cards, is exactly the kind of form-filling AI compresses well. Rival Procore has already shipped Procore Copilot and Procore Agents for document summarization and RFI automation, per Procore's own product documentation (2026).
Who is Raken's biggest competitor?
Procore is Raken's dominant competitor. Analyst site SelectHub rated Procore 87 out of 100 versus Raken's 58 as of March 31, 2026, and multiple buyer guides describe Raken as typically used alongside Procore rather than as a replacement for it.
What does Raken actually do?
Raken makes mobile and web software for construction field crews covering daily reports, time cards, safety and quality checklists, equipment tracking, and, since December 2025, RFIs, with integrations into Procore, Autodesk, Sage, QuickBooks and CMiC.
Has Raken raised money recently?
Raken's last disclosed venture round was a $10M Series A led by U.S. Venture Partners in June 2018. The company's most recent capital event was a majority-stake growth investment from private equity firm Sverica Capital Management on September 9, 2025.
Timeline
  • 2026-01Raken board expanded with tech veterans Ron Antevy and Robert E. Knowling Jr.
  • 2025-12-03Raken launched frictionless RFIs plus QuickBooks Desktop and CMiC API integrations
  • 2025-09-09Sverica Capital Management acquired majority stake in Raken
  • 2024-12-29Raken 2024 recap: customers logged 2M daily reports and 37M jobsite photos (vendor-claimed)
  • 2024Raken launched AI Photo Tagging and AI Photo ID time-clock verification features
  • 2024Raken began insurance partnership with Shepherd tied to safety-feature usage
  • 2018-06Raken closed $10M Series A led by U.S. Venture Partners
  • 2017-03Raken raised $2M led by Rincon Venture Partners, Eniac Ventures, Spider Capital
  • 2013Kyle Slager named founding CEO of Raken
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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