The Build Chain digital platform has received £500,000 in investment from Finance Yorkshire’s seedcorn fund to build its profile further and boost take-up.
The Yorkshire-based subsidiary of NTUK Technology Ltd provides a national digital platform connecting contractors to local suppliers to improve efficiencies.
The subsidiary already has a turnover of £250m and strong growth is expected following broad adoption of the scheme.
Chief commercial officer and co-founder of The Build Chain, Matthew McClune, said: “The construction industry is worth hundreds of billions each year, but the procurement processes are out-of-date and full of inefficiencies that contribute to lost value.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.”
Finance Yorkshire’s seedcorn is managed by Anticus Partners. It is part of its newly launched fund expected to provide £50m over the next five years to SMEs.
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