London-based YardLink, a B2B procurement platform for the construction industry, announced on Tuesday that it has raised $17.5M (approximately €18M) in a Series A round of funding. The round was led by Beringea, with participation from Amplifier and existing investors Speedinvest and FJ Labs.
The company claims it is reinventing the future of construction procurement for SMEs across the UK with its full-service supply chain management software.
“Making construction more efficient”
Founded in 2018 by Neeral Shah, YardLink is a B2B marketplace that claims to be digitising the $1T construction supply chain. It connects customers with suppliers, enabling contractors to source and manage equipment, materials and services within seconds.
The company has already worked with thousands of customers and projects since launch, including Canary Wharf Contractors, HS2 and Battersea Power Station.
After originally specialising in heavy equipment rental, YardLink has received more investment and quickly expanded, allowing contractors to instantly access an expanding list of over 500 carefully screened suppliers of tools, equipment, bulk materials, fuel, waste management, and more. Through YardLink’s digital platform, vendors can be located, scheduled, and paid immediately.
Shah explains, “Construction is one of the least digitised industries with over 95 per cent 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.”
Capital utilisation
YardLink says it will use the funds to expand its product offering. The company also aims to become the only place customers can access the entire construction supply chain, helping to cut overheads, speed up supply, and reduce costly delays.
The funds will also be used to double YardLink’s workforce, currently at 55 employees, over the next 12-18 months as it tightly integrates with its supply chain to offer real-time availability across all products.
Maria Wagner, Partner at Beringea, says, “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!”
