One of the largest Construction workflow management startup Matrak has secured an amount of $765,000 in seed funding, with the lion’s share coming from former Aconex chair Simon Yencken, who has previously backed Aussie unicorn Canva and art marketplace success story Redbubble.
The amount of $765,000 is comprised of investment from Yencken, who was a board member at project collaboration platform Aconex for 18 years and chair between the time period of 2011 and 2014, as well as members of Melbourne Angels and several other private investors.
The round represents a significant oversubscription for the seed round, with co-founders and brothers Shane and Brett Hodgkins initially looking to raise $450,000.
Matrak aims to give construction companies more visibility of the projects they’re working on, allowing manufacturers, suppliers and installers to track deliveries of materials, and to improve communication between different parties.
The concept was born on a construction site in 2013, when Brett was working for his father’s window installation company part-time while he finished up his master’s degree in computer science.
The company was working on a highrise building, installing two-metre tall windows requiring 10 people and a crane to fit them. It was a big site but there was “no way of keeping track of what had been sent to site, aside from paper dockets”, Shane tells StartupSmart.
“For [Brett’s] own sanity, he built an app to be able to keep track of all the deliveries, shipments and materials,” Shane says.
This is the first business either of the brothers have embarked on, and “we absolutely need all the help we can get,” Shane says. Although they were actively fundraising for over a year, and it was a “much more gruelling” process than they expected, Shane says it was all worth it in the end.
“It will take longer than you expect,” he says, “but as long as you’re getting a good response from the people you speak to it’s probably worth pushing through it.”