NTUK Technology and its subsidiary Doncaster-based subsidiary The Build Chain are set for growth after securing investment of £500,000 from Finance Yorkshire.
The business has developed a digital platform which connects contractors nationally to suppliers locally, improving and creating efficiencies throughout the supply chain.
The Build Chain platform is the innovation of Neil Sheldon and Matthew McClune, digital and marketing experts who have specific experience in connecting contractors and merchants.
Finance Yorkshire has invested the money from its Seedcorn fund, and it will be used to grow The Build Chain’s profile among its target sectors.
The Build Chain is forecasting strong growth over the next two years after enjoying widespread adoption of its platform from various sized contractors, with turnovers of up to £250million, alongside national suppliers.
Matthew McClune of The Build Chain said: “The construction industry is worth hundreds of billions each year, but the procurement processes are out of date and full of inefficiencies that contribute to lost value.
“The platform assists contractors with important industry objectives such as social value and environmental sustainability while ensuring compliance in procurement. The demand for a platform such as ours has never been greater, as the industry sees stock availability at an all-time low and price inflation at an all-time high.”
Neil Sheldon of The Build Chain said: “We created a fixed-fee subscription platform that does not disrupt the transaction between contractor and supplier to ensure adoption throughout the industry at all levels.
“Suppliers benefit from filtered enquiries being driven to their business without the worry of commission fees on every sale, paired with data driven insights enabling suppliers to improve efficiency when servicing customers.”
Alex McWhirter, chief executive of Finance Yorkshire, said: “Our Seedcorn fund supports innovative and ambitious SMEs like The Build Chain to grow and create jobs across the Yorkshire and Humber region.
“The ability to connect people and businesses through technology is advancing all the time and we are pleased to support The Build Chain in its growth journey.”
Finance Yorkshire’s Seedcorn fund is part of its newly launched fund which is expected to provide £50m to SMEs over the next five years. Investment is also available from its Growth Fund as well as through large and small business loans.
