This article was originally posted on UK Tech News on November 17, 2020.
Based out of London, YardLink is a B2B procurement platform for the construction industry. Recently, the company raised £1.7M in a round led by Speedinvest Network Effects with participation from FJ Labs. This brings the total raised by the company to £2.4M.
Product development, international expansion, and more
YardLink intends to use the funding to expand its sales, operations, and technical teams, and to further develop its equipment rental platform’s footprint across the UK ahead of later international expansion. On top of that, the company is also planning to digitise the construction procurement workflow for more efficiencies as well.
“The construction industry faces new guidelines to prevent the spread of coronavirus, such as having to provide portable site cabins and accommodation for its workforce. This, coupled with tight availability in the market and more demand for renting equipment, rather than buying it, has helped us prove our worth across the UK,” says YardLink founder and CEO Neeral Shah. “Using technology to better coordinate and speed-up the supply chain is having a real impact on productivity within the industry at a difficult time.”
Improving the way construction equipment is rented
Founded by Neeral Shah in 2018, YardLink is improving the way construction equipment is rented. The platform helps building contractors find and rent equipment quickly, easily, and cost-effectively from a network of trusted suppliers. Through the single account, contractors can source and manage a range of kits, from excavators to boom lifts, 24/7.
The startup has a network of more than 100, fully-vetted suppliers with over 1,400 equipment depots across the UK. According to the McKinsey Global Institute, a more efficient construction industry could be worth $1.6 trillion to the world economy.
Witnessed 4X growth in pandemic
Amid the pandemic, YardLink witnessed 4X growth in monthly revenue since lockdown began in March this year. To date, YardLink has served 3,000 UK construction projects since April 2018. As per the company claims, projects can anything from a new house build lasting 12 months to a large multi-year infrastructure project.
We’re excited to invest in YardLink at a time when the construction industry is going through a rapid transformation and is in desperate need of innovation,” says Mathias Ockenfels, Lead Partner at Speedinvest Network Effects. “With a flexible, highly automated, and scalable product, Neeral and his team are in prime position to sustainably transform construction procurement with a platform approach.”