These suppliers can be sourced, booked, and paid for directly through a single platform.
Digital procurement startup YardLink has announced a £16 million Series A funding round to transform the construction industry.
The London company describes itself as a ‘one-stop supply chain service for construction SMEs’.
Having initially focused on heavy equipment rental, contractors can now gain instant access to a growing number of over 500 highly vetted suppliers of tools, equipment, bulk materials, fuel and waste management.
These suppliers can be sourced, booked, and paid for directly through a single platform.
The Series A round was led by Beringea, with participation from Amplifier and existing investors Speedinvest and FJ Labs.
“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,” said CEO Neeral Shah.
“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.”
YardLink will now look to double its headcount – currently at 55 – 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, 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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