NTUK Technology Ltd has received a £500,000 investment from Finance Yorkshire's Seedcorn fund.
A construction sector technology company is targeting growth after securing funding from Finance Yorkshire.
NTUK Technology Ltd, and its subsidiary The Build Chain, has received a £500,000 investment from Finance Yorkshire's Seedcorn fund.
The Doncaster-based business has developed a digital platform which connects contractors nationally to suppliers locally, with the aim of improving and creating efficiencies throughout the supply chain.
(l-r): Ian Brown Finance Yorkshire; Neil Sheldon The Build Chain; Alex McWhirter Finance Yorkshire; Matthew McClune The Build Chain
The Build Chain platform has been developed by Neil Sheldon and Matthew McClune, digital and marketing experts who have specific experience in connecting contractors and merchants.
The funding will be used to grow The Build Chain's profile among its target sectors.
Strong growth is predicated over the next two years following widespread adoption of the platform from various sized contractors, with turnovers of up to £250m, alongside national suppliers.
Matthew McClune, chief commercial officer and co-founder 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Chain, said: "The construction industry is worth hundreds of billions each year, but the procurement processes are out of date and full of inefficiencies that contribute to lost value.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."
Alex McWhirter, chief executive at Finance Yorkshire, added: "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.
Finance Yorkshire's Seedcorn Fund is managed by Anticus Partners.
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