• About us
  • Contact Us
  • Home
  • Privacy Policy and Disclaimer
TeqGo.com - Tech news
No Result
View All Result
No Result
View All Result
TeqGo.com
No Result
View All Result
Home Computer

Expedia and Weyerhaeuser vets land $5M for Seattle-based lumber marketplace Yesler – GeekWire

Staff by Staff
August 24, 2022
Expedia and Weyerhaeuser vets land $5M for Seattle-based lumber marketplace Yesler – GeekWire
Share on FacebookShare on Twitter


Yesler founder and CEO Matt Meyers, left, and CTO Jeff Lubetkin. (Yesler Photo)

The news: Yesler, the Seattle-based startup creating an Expedia-like experience for the volatile lumber markets through a software-enabled platform, raised $5 million.

The tech: Founded in October 2019, Yesler spun out of the startup studio Pioneer Square Labs and features a platform that can facilitate lumber transactions and communications with different industry players. It also aggregates data to provide analytics of the lumber market, such as supply and demand, to assist buyers and sellers in their decision-making process. The goal is to make comparing lumber prices as easy as finding the best hotel price on Expedia.

Yesler user interface. (Yesler Photo)

The headwinds: Less than a year after the startup’s launch, it had to deal with a volatile housing market and fluctuating lumber prices caused by strained supply chains and the global pandemic. This industry tumult stalled Yesler’s adoption because industry professionals didn’t have the time to experiment with a new system, Yesler founder Matt Meyers told GeekWire in an email.

“We made great progress despite those challenges and look forward to more normal volatility and supply chain challenges as a tailwind in tech adoption for this traditional industry,” he said.

The tailwinds: Meyers says the the number of people in the industry who have had an experience using the Yesler platform has grown this year, with transactions on the marketplace up 10-fold. He added that the massive lumber industry is mainly fragmented and due for disruption, creating an untapped addressable market for the company to go after.

The customers: Lumber traders can utilize Yesler to organize buying, merchandising and selling lumber, Meyers said. He added that they can also manage communication, as well as discovery of pricing and availability of lumber supplies. Another use case for Yesler is for contractor lumber yards. Yesler provides supply chain information and other market data, which can improve efficiency and drive their profit, he said.

The company makes its money by taking a fee per transaction. Prices remain stagnate, meaning the seller can lock in their price before each transaction and the buyer knows their price was set by the seller, not Yesler.

The team: The 13-person company was founded by Meyers, who previously worked as vice president of sales, marketing and supply chain at Seattle-based Weyerhaeuser. He is joined by CTO Jeff Lubetkin, who comes from Expedia and Zillow where he led and scaled engineering teams, and Executive VP David Helmers, who previously led Weyerhaeuser’s $1.5 billion building materials distribution business. The fresh cash will go towards expanding its software engineering capacity and its user experience teams.

The competition: The company could theoretically face competition from established lumber traders who could develop their own tech-enabled systems in-house. There are also a number of startups going after this market, such as Chicago-based MaterialsXchange.

The funders: The company raised $10.2 million to-date. The current round was led by Crosslink Capital, with participation from existing investors PSL Ventures, Tech Square Ventures and Ascend. Phil Boyer, partner at Crosslink Capital, will join the Yesler board of directors as part of the funding round.





Source link

Staff

Staff

Next Post
2-Week Engagement Starts Sept 23

2-Week Engagement Starts Sept 23

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • CAT5 Vs. CAT6: Will A New Cable Actually Make Your Internet Faster?
  • The Reason Why Parrot Drones Were Discontinued
  • How The F-35 Stands Out: A Deep Dive Into Its Speed And Range Capabilities
  • There’s An Easy Way To Mute Your Apple Watch When It Won’t Stop Going Off
  • The Hidden Impact Of Military SONAR On Marine Life
  • Why You’ll Want To Install The Google Play Store On Your New Amazon Fire Tablet
  • How To Recover A Forgotten Voicemail Password On Android
  • The Best Apps To Download If You Love Home Improvement Projects
  • Why You Should Be Using The Silk Browser On Your Amazon Fire TV Stick
  • About us
  • Contact Us
  • Home
  • Privacy Policy and Disclaimer

© 2019-2023 TEQGo.com

No Result
View All Result
  • About us
  • Contact Us
  • Home
  • Privacy Policy and Disclaimer

© 2019-2023 TEQGo.com