London-based digital procurement startup, YardLink, has raised $17.5m in Series A funding, it announced today.
The round was led by Beringea, with participation from Amplifier, and existing investors Speedinvest and FJ Labs.
The fresh capital will allow YardLink to double its headcount over the next 12-18 months and expand its supplier network nationwide to become a “one-stop supply chain service for construction SMEs”.
YardLink says it is reinventing the future of construction procurement for SMEs across the UK with its full-service supply chain management software.
The startup’s platform unifies suppliers and contractors in one digitally centralised system which it says brings greater speed, transparency, flexibility, and sustainability to the industry as a whole.
Having initially focused on heavy equipment rental, YardLink’s rapid expansion and extra funding means that contractors can now gain access to over 500 suppliers of tools, equipment, bulk materials, fuel, waste management and more.
These suppliers can be sourced, booked, and paid for directly through its digital platform.
CEO, Neeral Shah, said: “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.”
Maria Wagner, Partner at Beringea, 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!”
Image: YardLink CEO, Neeral Shah (supplied)
Read next: UK startup Disperse raises £15m for AI-powered construction platform
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