The ProVen VCTs lead Series A for supply chain marketplace for construction SMEs
Digital procurement startup, YardLink, announces a $17.5m Series A funding round to transform the construction industry.
YardLink is reinventing the future of construction procurement for SMEs across the UK with its full-service supply chain management software. Having initially focused on heavy equipment rental, YardLink’s rapid expansion and extra funding means that contractors can now gain instant access to a growing number of over 500 highly vetted suppliers of tools, equipment, bulk materials, fuel, waste management and beyond.
These suppliers can be sourced, booked, and paid for directly through a single user-friendly digital platform. This not only streamlines the procurement process but it is also far more environmentally friendly by linking up contractors with approved local suppliers and helping to reduce the carbon footprint of every project.
This long-overdue leap into the digital age for the building industry is the brainchild of YardLink CEO, Neeral Shah.
“Construction is one of the least digitised industries with over 95% of supply chain transactions still being conducted over the phone, email and pen and paper. Coordinating multiple suppliers and deliveries across time constrained projects is a real challenge that results in delays and costly project overruns. YardLink connects construction customers with their supply chain on a single digital platform, enabling contractors to manage their entire supply chain, streamlining procurement and ultimately helping them increase their profit margins” says Shah.
The new round was led by the ProVen VCTs, with participation from Amplifier, and existing investors Speedinvest and FJ Labs. The fresh funds will be used to expand YardLink’s product offering to become the only place customers can access the entire construction supply chain, helping to cut overheads, speed up supply and reduce costly delays. YardLink will also double its headcount, currently at 55 staff, over the next 12-18 months as it more tightly integrates with its supply chain to offer real-time availability across all products.
Maria Wagner, Partner at Beringea, the investment manager of the ProVen VCTs, commented: “In an industry that has struggled to embrace new technologies, and where supply and demand are fragmented, YardLink has the potential to establish itself as the go-to marketplace for construction supplies. Neeral and the team have built a business that enables a fast, reliable and cost-effective way for renting equipment or purchasing materials. The efficiency of the process also facilitates a lower environmental footprint. We are excited to join them on their journey!”.
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Find out more about the ProVen VCTs’ annual shareholder event, which featured insights from Beringea, the investment manager, the boards of the two funds, as well as several of the companies from the portfolio
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