Investment Notes: Veyor

Investible is thrilled to announce that we have led Veyor’s A$2.75m Pre-Series A round with participation from Club Investible, Saniel Ventures, Gravel Road Ventures and various angels and family offices.

As a construction foreman or loading dock manager, organising your daily on-site deliveries is a time intensive task, particularly when you need to frequently liaise with various delivery drivers and suppliers. Compounding this challenge is the reliance on cumbersome and archaic tools like whiteboards, spreadsheets, emails and phone calls. This manual workflow not only diverts valuable time away from higher-value tasks, but also leads to greater miscommunication, delivery clashes and costly delays.

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This was the experience of Co-founder & CEO Richard Fifita, during his 8+years as a construction project manager and civil engineer. He was extremely frustrated with the lack of fit-for-purpose solutions, so he set out to build Veyor, the leading logistics scheduling SaaS platform for the construction and facilities management industries. The platform is now used by on-site construction supervisors, superintendents and loading dock managers to streamline delivery scheduling and communication with drivers and suppliers.

Limited fit-for-purpose solutions in the market

While larger end-to-end field management solutions like Procore and Autodesk exist, they often fall short in addressing the specific challenges involved with managing site based logistics and scheduling. Because of this, sophisticated point solutions like Veyor prove to be the optimal choice.

The platform has garnered strong uptake from prominent blue-chip clients due to its superior user experience, functionality, seamless integrations (e.g. with Procore and BI platforms) and competitive pricing. Most notably during our customer reference calls, we were shocked to hear that Veyor saves a customer 4-5 hours per day compared to using a physical whiteboard for scheduling, freeing up their time for more valuable tasks.

Veyor’s distinguishing feature lies in its user-friendly and self-intuitive interface, setting it apart from other solutions. It caters for a diverse range of stakeholders, accommodating both non-tech-savvy users that typically don’t live in systems but need it to perform their jobs (e.g. delivery drivers), and more tech-literate users that use the solution to manage their day-to-day logistics.

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Impressive early traction in Australia and the US

Veyor is trusted by over 70 prominent Tier 1 to Tier 3 construction and facilities management operators across Australia and the US, with the likes of Lendlease, Westfield, Multiplex, JLL and John Holland as current customers. Since launching in the US earlier this year, Veyor has already landed 10+ customers with only a small, dedicated US sales team.  

Veyor’s ‘land and expand’ strategy has also been stellar, as they have continued to progressively grow the number of sites contracted and average contract value per customer, with very minimal churn to date.  

With impressive customer feedback, prominent customer logos and strong retention, Veyor is set to be on the path for rapid growth and expansion in the US and Australia.

Founders with deep industry expertise and complimentary skillsets

Veyor’s two co-founders (Richard and Stephen) have been long-time buddies since meeting at their local rugby club, Eastern Suburbs RUFC, almost 15 years ago.

Richard has a background in civil engineering and construction project management, with prior experience in project management at Lendlease, Berkeley Group, BESIX Watpac and John Holland. He understands first-hand the logistics scheduling pain points experienced by on-site construction workers, providing him with unique insights to build an intuitive fit-for-purpose solution.

We have been impressed with Richard’s grit and determination, as confirmed by one of our portfolio company founders, Doug Vincent (Mastt Co-founder & CEO), who mentioned that he bumped into Richard in the US as he was travelling to various construction sites to personally close deals.

To balance this industry expertise, Stephen brings an accounting, finance and operations skillset to the table, having come from UBS and KPMG. The duo has strategically hired an experienced team and has surrounded themselves with top-tier industry advisors, such as Leigh Jasper and Rob Philpott (Co-founders of Aconex).

Investible is excited to be supporting this impressive team, and we look forward to supporting them as they continue to create a more efficient workday for on-site logistics workers globally.