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. The company, co-founded by Richard Fifita (CEO) and Stephen Rockett (CFO/COO), aims to enhance its platform and expand further into the US market.
Veyor's software is designed to help teams and suppliers in the built environment plan, manage, and track daily activities more efficiently. It addresses the common issue of logistical management that is often handled through outdated methods like email chains and spreadsheets.
Expansion Plans
The recent funding will be directed towards scaling operations in the United States, where Veyor has already seen significant growth. The company reports that US revenue is increasing by over 150% year-on-year, with more than 30% of its total revenue now coming from the US. Veyor supports over 60 customers across more than 30 US states and anticipates that the US will account for over 50% of its revenue in the next 12 to 24 months.
Richard Fifita, CEO of Veyor, commented on the funding round saying, "We've proven the model locally and built real momentum in the US, and now we’re scaling with intent."
Use of Funds
The funds from this round are expected to support Veyor’s continued growth in the US market. The company plans to invest in enhancing its software capabilities and expanding its customer base across the country. This strategic push is part of Veyor's broader goal to become a leading name in construction logistics.
Conclusion
Veyor's successful Series A funding round marks a crucial step in its growth journey, especially in the US market. With a robust plan for expansion and a proven business model, Veyor is well-positioned to capitalize on the growing demand for efficient delivery management solutions in the construction industry.