Construction procurement platform raises £1.7m

An online construction procurement platform says it will grow its team, expand its solution, and reach the next stage of growth after securing a second round of investment.

Doncaster-based The Build Chain has raised £1.7m through a mixture of angel investors, industry investors, and the Finance Yorkshire fund managed by Anticus Partners.

Following a pilot scheme and nationwide rollout in 2023, the business is forecasting strong growth in 2024 and beyond.

It will use this latest round of investment to recruit more experienced individuals into the business in key areas such as technology, operations, sales, and finance.

The company’s solution connects sub-contractors and SME housebuilders in need of materials with independent merchants, improving and creating efficiencies throughout the supply chain.

By enabling sub-contractors and SME housebuilders to submit a single enquiry for required materials which is automatically delivered to suitable merchants, The Build Chain says it removes the need for buyers to spend time finding suppliers, contacting them manually, and chasing quotes.

In the next year, the firm aims to expand its platform to other audiences in the construction industry.

Neil Sheldon, CEO, said: “We’re happy to have reached this next stage of growth in our journey to transform the procurement process in the construction industry.

“This investment will allow us to scale up, achieve extended growth, and begin creating efficiencies throughout the entire built environment supply chain.

“Our successful platform launch last year has driven over £7m in quotes to independent merchants across the UK alongside saving contractors time and money.

“We can now begin to expand these successes to other user groups with benefits for the whole industry.”

The Build Chain was assisted throughout the investment process by Freeths Solicitors and Cerelo Advisory.