YardLink, a London-based digital procurement platform for the construction industry, has raised a $17.5M Series A funding round led by Beringea (also invested in WiredScore and Luxury Promise) with participation from Amplifier, Speedinvest, and FJ Labs.
The UK company will use the funds to expand its product offering to cement its position in the market. The company plans to double its headcount over the next 12-18 months.
Digital procurement platform
Founded by Neeral Shah in 2018 in London, YardLink is a B2B marketplace digitising the $1TN construction supply chain. The platform connects customers with a growing network of highly vetted suppliers, enabling contractors to source and manage equipment, materials, and services within seconds.
These suppliers can be sourced, booked, and paid for directly through a single user-friendly digital platform.
Besides streamlining the procurement process, the company claims it is environmentally friendly by linking contractors with locally approved suppliers and helping reduce every project’s carbon footprint.
“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 company has worked with thousands of customers and projects, including Canary Wharf Contractors, HS2, and Battersea Power Station.
Initially, the company focused on heavy equipment rental, however, now, contractors can gain instant access to a growing number of over 500 highly vetted suppliers of tools, equipment, bulk materials, fuel, waste management, and beyond.
Maria Wagner, Partner at Beringea, comments, “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 to rent equipment or purchase materials. The efficiency of the process also facilitates a lower environmental footprint. We are excited to join them on their journey!”