Construction rental startup YardLink raises funding from Speedinvest

YardLink allows construction companies to obtain critical equipment faster than traditional equipment rental companies. It has now raised a £1.7 million seed round, bringing its total raised to £2.4 million. The round was led by Speedinvest Network Effects, with participation from FJ Labs.

Construction sites often have to hire equipment, but the centralized nature of the traditional hire market means suppliers can be slow to deliver, leading to downtime on-site and delayed projects. Traditional suppliers include HSS Hire, Travis Perkins, Speedy Hire and Sunbelt Rentals. But YardLink aims to speed up this process with a digital-first, marketplace approach. It has a network of 100 suppliers with more than 1,400 equipment depots across the U.K.

The construction industry faces new guidelines to prevent the spread of coronavirus, such as having to provide portable site cabins and accommodation for its workforce. This is coupled with tight availability in the market and more demand for renting equipment, rather than buying it.

The global market for construction equipment rental is around $70 billion.

The team consists of Neeral Shah (founder and CEO), Matt Bloor (CCO) and Daniel Morris (CTO).