Fuel Ventures invests £1.5m in Materials MarketMaterials Market have raised £1.5m seed round to help accelerate their growth.
What is Materials Market and how did it start?Materials Market is an online platform that connects customers and suppliers of building materials in a transparent and competitive marketplace. The company has raised £1.5m to grow its digital building materials marketplace.
Materials Market was founded in November 2020 by Co-Founders Samuel Hunt and Andrew Haehn. This was following a pre-seed funding round of £130k from angel investors, further bolstered by a £1.5m raise from Fuel Ventures in a seed funding round in September 2021.
Why Materials Market?Shiv Patel, Investment Director at Fuel Ventures, said:
“We were really impressed with the team’s knowledge of the industry and their impressive solution to the challenges faced by that particular market. They have created a platform which gives buyers the best prices, due to its large network of suppliers, and fast deliveries – which is exactly what the market needs.
“We feel it’s our responsibility to invest in the future of UK tech and by supporting forward-thinking entrepreneurs like Samuel and Andrew, we can help them to change the way building materials are bought and sold in the UK – and pass on the benefits to the end users.”
So what is so special about Materials Market?Following launch of the online marketplace last November, Materials Market is turning heads with its quick and easy service, cutting out the usual ‘middle men’ by connecting buyers and sellers directly in one simple online marketplace. The site showcases a huge range of products suitable for both the commercial and DIY market, from insulation materials to timber, blocks and plasterboard on which customers can save on average 20% compared to bricks-and-mortar stores due to its innovative structure.
Samuel Hunt, Co-Founder & CEO at Materials Market, said: “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.”
“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.”
Samuel added: “The last 18 months hasn’t been without its challenges, particularly in the building materials market with product supply presenting obstacles for both suppliers’ stock and customers’ deliveries.
“The investment in our vision has allowed us to support more of the UK’s building materials supply chain to refine and evolve their offering post pandemic, creating a win-win situation for both buyers and sellers. Collectively we are changing the way the market works, and we’re looking forward to continuing to scale our digital solution and transform how products are traded with new initiatives over the next 12 months and beyond.”
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