A Melbourne-based startup specializing in streamlining supply chains for the construction sector has recently secured $2.9 million in a Series A funding round. The investment aims to support the establishment of a presence close to the industry’s manufacturing hub in China.
Led by G&M Capital, with support from Sydney-based venture capital group Our Innovation Fund and former Aconex chairman Simon Yencken, the funding round signifies a significant milestone for the startup. Founded in 2018, the company has successfully tracked over 1.2 million materials for renowned clients such as Multiplex, Lendlease, John Holland, and Hutchinson Builders.
The startup, which boasts more than 280 clients on its network, is committed to transforming construction supply chains through connected materials tracking, resulting in cost reduction and enhanced reliability for the construction sector.
The raised capital will be utilized to bolster the company’s financial position as it officially launches its operations in China. This strategic move, in collaboration with G&M Capital, marks a crucial step in the startup’s mission to revolutionize the sector on a global scale.
Lim Gu, founder of G&M Capital, expressed excitement about the partnership and emphasized the firm’s commitment to enhancing transparency and trust in global manufacturing supply chains. He highlighted the importance of supporting innovative startups like the Melbourne-based company in driving industry-wide transformation.
The startup was conceived by the Hodgkins brothers while Shane Hodgkins was working for his father’s façade installation company. Recognizing the challenges of manually tracking and managing materials in the construction business, they developed an end-to-end digital supply chain management tool that offers universal accessibility.
Over the years, the startup has contributed to various notable projects, including developments by The Star Entertainment Group and infrastructure projects like Melbourne’s Aspire tower and Brisbane’s Cross River Rail.
Shane Hodgkins, CEO of the startup, expressed gratitude for the support from investors, underscoring the significance of building a team closer to major manufacturing customers to mitigate supply chain risks and promote sustainable procurement practices worldwide.
The startup’s entry into the China market was facilitated through the Austrade Landing Pads program, demonstrating the pivotal role of government initiatives in enabling Australian startups to expand into international markets.
Emily Ma, Shanghai Landing Pad manager at Australian Trade & Investment Commission (Austrade), commended the founders for their resilience, vision, and willingness to explore new markets. She emphasized the alignment of these qualities with investor preferences, contributing to the startup’s success.
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