Logistics startup Veyor Digital raises $2.75 million, plans US growth

Veyor Digital has closed $2.75 million in pre-Series A funding for its logistics scheduling software.

The round was led by Investible and saw participation from several family offices and angel investors, including those linked to Aconex co-founders Leigh Jasper and Rob Phillpot.

Veyor Digital develops logistics scheduling software that manages deliveries and materials for construction sites and loading docks.

The platform coordinates schedules and communication between construction supervisors, loading dock managers, and onsite teams. Veyor’s software aims to reduce congestion and delays, improve security, and decrease miscommunication, thereby helping to maintain project schedules and budgets.

The fresh funds are earmarked for significant expansion, particularly into the North American market, where Veyor has already secured over 80 prominent clients such as Turner Construction and Skanska.

“The primary use of the funds will be to set up a local team in Austin, Texas, to capitalise on the momentum we generated in 2023. This local presence will enhance our ability to meet face-to-face with clients and scale our growth in the region,” Richard Fifita, co-founder and CEO of Veyor, said to SmartCompany.

According to Fifita, one of the biggest challenges has been increasing brand awareness overseas, particularly while selling remotely from Sydney.

“We plan to participate in industry events and join local industry bodies to help spread awareness and accelerate sales opportunities,” Fifita said.

The company aims to differentiate itself in the crowded North American logistics software market by focusing on the unique needs of ‘receiver’ sites, such as large construction projects and building owners, which control all incoming suppliers using Veyor’s software.

Fifita says this niche approach has proven successful in Australia and is expected to resonate in North America and other regions.

As Veyor Digital continues to expand, it aims to mitigate potential risks such as customer concentration by diversifying its client base and focusing on customer success and adoption reviews to manage churn effectively.

Addressing the rapidly changing needs of the logistics and construction industries, Fifita also emphasised the importance of staying close to customers.

“Working closely with clients and ensuring our product team is constantly speaking with customers ensures we are ahead of the curve at all times,” he said.

Fifita also noted the company’s efforts in sustainability, a growing concern for many of its clients.

“Our software can track Scope 3 emissions data for supply chain vehicle emissions and embodied carbon for materials delivered to site, which we developed in response to our customers’ growing reporting requirements,” Fifita said.

With the recent partnership with John F Kennedy International Air Terminal LLC in New York, Veyor is set to manage one of North America’s most active airport terminals’ loading dock operations. This marks a significant step in Veyor’s US expansion efforts and further establishes its footprint in the North American market.

“Richard and Stephen have built a much-needed, user-friendly product that has seen great traction in key markets in the US and Australia. We are excited to help the team unlock another phase of growth,” Investible’s Chief Investment Officer, Charlie Ill, said.