Germany-based contech start-up Schuttflix has raised US$47.9m (c.£35.3m) in a Series A funding round led by British venture capital firm Draper Esprit.
Schuttflix says the money will be used to help it expand into the Austrian, Polish, and Czech markets next year.
Commenting on the investment, Schuttflix CEO and co-founder Christian Hulsewig said: “Following our successful expansion in the German market this year, now is the strategically right moment for us to grow in Europe.
“Government investment programmes, such as the Green Deal and the post-coronavirus recovery fund, will ensure that orders in the construction industry remain strong over the long term.”
He added: “European construction sites need a reliable and efficient supply. With Schüttflix, we have the solution.
“And with Draper Esprit, we have an experienced investor on board who will help us to establish this solution in as many European countries as possible.”
In the coming months, Schuttflix is also planning to develop its line of digital products and services to cater for all aspects of construction-site supply and waste disposal.
Further investment
Other participants in the funding round included Founders Thomas Hagedorn and CEO Christian Hülsewig, as well as existing investors Speedinvest, HV Capital, and STRABAG.
Christoph Hornung, Investment director at Draper Esprit, said: “Over 2.5m tonnes of construction bulk-materials delivered since its founding shows that Schüttflix works.
“The startup has broken into a traditionally analogue market and is creating genuine added value for its customers with a truly digital solution.
“The business has grown by over 400% since January 2021. Taking the platform international is, therefore, the next logical step, and we are pleased to be at Schüttflix’s side.”
Schüttflix is a logistics hub for the construction bulk-materials industry that works digitally and supplies sand, gravel, and grit.
Image: Indypendenz/Shutterstock
Read next: £16bn proposal for UK to draw renewable energy from Sahara Desert
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.