Veyor Raises $10.5 Million in Series A Funding
Veyor, a company specializing in live delivery management software for the construction industry, has successfully raised $10.5 million in a Series A funding round. Veyor's platform is designed to assist construction teams and their suppliers in efficiently planning, managing, and tracking daily logistical activities.
Leadership and Vision
The company is co-founded by Richard Fifita, who serves as CEO, and Stephen Rockett, the CFO and COO. Fifita commented on the funding round, stating it marks a "step-change moment" for Veyor. "We’ve proven the model locally and built real momentum in the US, and now we’re scaling with intent," he said, highlighting the company’s ambition to expand further.
Focus on US Expansion
Currently, the United States accounts for more than 30% of Veyor's revenue, with the company experiencing a growth rate of over 150% year on year. Veyor supports over 60 customers across more than 30 US states. The company anticipates that the US market will contribute to over 50% of its total revenue in the next 12 to 24 months.
Strategic Use of Funds
The newly acquired funds will be primarily used to enhance Veyor's platform capabilities and accelerate its expansion in the US market. The company aims to build upon its existing customer base and further penetrate the US construction logistics sector.
Funding Details
While Veyor did not disclose specific investors for this round, the $10.5 million Series A funding reflects the growing interest in digital solutions for construction logistics. The platform aims to replace traditional methods like email chains and spreadsheets with a more integrated and efficient system.
For more information on Veyor and its offerings, visit their website at veyordigital.com.