Melbourne startup Matrak raises $2.9m to launch China office
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The news: Melbourne construction startup Matrak has raised $2.9 million in a Series A investment round to launch its first international office in China.
The numbers: Launched in 2018, Matrak helps manufacturers, suppliers and builders streamline and de-risk their supply chains. It has more than 280 clients across about 400 construction projects, including the $3.6 billion Queen's Wharf project in Brisbane and the $11 billion Metro Tunnel in Melbourne.
The context: Matrak's latest fundraise was led by G&M Capital, alongside Sydney VC Our Innovation Fund, and former Aconex chair Simon Yencken.
The new capital will fund the opening of Matrak China, as the company looks to expand overseas.
The fundraise was made through the Australian Trade and Investment Commission's Landing Pads program that offers market entry insights, introduction to local networks, and brand building.
What they said: Matrak co-founder and CEO Shane Hodgkins said: "We're thrilled to have G&M and our existing investors support our international expansion. Construction is global, and building our team closer to our major manufacturing customers will derisk critical supply chains, and unlock more sustainable procurement worldwide".
“Receiving overseas funding was made easier through participating in the Austrade Landing Pads program, where we were connected with G&M Capital," he said.
"Austrade continues to play a pivotal role in enabling Australian startups to be successful in China and they particularly support startups who promote sustainability, like Matrak.”
The source: Matrak media release
