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Funding

Construction startup lands $2.9 million Series A for China push

- April 29, 2024 2 MIN READ
apartment construction site in China
Photo: AdobeStock
A Melbourne construction supply chains startup has raised $2.9 million in a Series A as it looks to expand into China.

The round for Matrak was led by Singapore-based G&M Capital alongside Sydney VC Our Innovation Fund, former Aconex chairman Simon Yencken and others.

Matrak was cofounded by Shane and Brett Hodgkins in 2018 with a focus on connected materials tracking for global construction supply chains. Manufacturers, suppliers and builders use it to streamline and de-risk their supply-chains 

The idea was developed a construction site, when Brett was completing a master’s degree in computer science and working part-time for their father’s window installation company. 

The software platform has been used by more than 280 clients on 400 construction projects, including Queen’s Wharf, Melbourne’s 65-storey Aspire tower and, the Mater Hospital, as well as schools, commercial, aged care facilities and data centres. It has tracked over 1.2 million materials for customers, including Multiplex, Lendlease, John Holland, Winning Appliances, Bluescope and Buildcorp.

The company opened the Matrak China office in Suzhou on Friday, backed by investors that are part of the China-Singapore Suzhou Development corporation, the developer behind Suzhou Industrial Park.

The company has clients throughout Southeast Asia and China as well as Australia, the UK, Canada and the US.

Shane Hodgkins, Matrak’s CEO said they were please to have backing from new and existing investors for their international expansion.

“Construction is global, and building our team closer to our major manufacturing customers will de-risk critical supply chains, and unlock more sustainable procurement worldwide,” he said

“Receiving overseas funding was made easier through participating in the Austrade Landing Pads program, where we were connected with G&M Capital. Austrade continues to play a pivotal role in enabling Australian startups to be successful in China and they particularly support start-ups who promote sustainability, like Matrak.”

G&M Capital founder Lim Gu said they are focused on the smart construction sector.

“We are therefore excited to strengthen our legacy of international collaboration by investing in Matrak’s China office,” he said.

“In order to support local clients’ as they reach out to the global market. Furthermore, partnering with Matrak underscores our investment commitment to enhancing transparency and trust in global manufacturing supply chains and our support for global innovative startups.”

 

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