Materials Market Secures £1.5m Investment From Fuel Ventures
Earlier this month Materials Market received a £1.5m investment in their Seed funding round led by Fuel Ventures. The company will use the funds to accelerate their growth and expand their digital building materials marketplace.
Materials Market is an online platform that connects customers and suppliers of building materials in a transparent and competitive marketplace. The company was started by Co-Founders Samuel Hunt and Andrew Haehn in November 2020.
Their business idea was born out of frustration as both founders faced the lengthy process of contacting various suppliers and finding the best price and delivery time match.
This creative solution received the interest of Fuel Ventures, one of the leading early and growth-stage investors in the UK that invests in ambitious start-ups covering globally scalable marketplaces, platforms, and software (SaaS) sectors. Fuel Ventures was founded by Mark Pearson in 2014. He and the Fuel Ventures team are investors in over 45 of the fastest-growing technology companies.
“The sector has been slower than others to move to a digital-first approach and so when we mapped out what Materials Market should represent to both suppliers and customers, it was clear we needed to deliver value for both parties. We knew that if we could create a true free market environment, where everyone got a fair chance of winning an order, it would allocate resources much more efficiently than any of the existing models operating in this space,” said Samuel Hunt, Co-Founder & CEO at Materials Market.
“From personal experience as buyers in the construction sector, we know all too well the daily struggle of contacting supplier after supplier, looking for the best price and delivery time for materials, and we wanted to break that chain with a transparent online platform. The investment from Fuel Ventures is vindication of our solution and its future potential to deliver huge value for both sides of the marketplace.”