FYLD, an AI-based fieldwork effectiveness platform for the global infrastructure sector announced that NatWest (one of the UK’s largest business and commercial banks) has provided $10 million of growth capital to FYLD. This banking partnership will enable expedited investments and continued growth across markets, especially as FYLD scales past the development stage.
As FYLD nears its fifth anniversary, the company is on track to double its revenue in 2024 with strong gross and net revenue rates, along with:
— Raising a £32 million Series A funding round from 2021 to 2023 led by Koru, the Ontario Teachers’ Pension Plan’s venture incubator with participation from SGN, to take the platform global
— Securing awards and recognitions including Tech Nation’s Future Fifty, The Energy Innovation Council, CEMEX Ventures Global Construction Startup Competition, and the UK IT Awards
— Valuing diversity in hiring, with 45% of the FYLD team being women
Launched in 2020, FYLD offers an AI-driven digital platform that empowers field managers to make proactive, data-led decisions in real time and transform operational processes and procedures with data. A unique collaboration between SGN, Boston Consulting Group’s BCG X and Ontario Teachers’ Pension Plan (OTPP) FYLD has been redefining the execution of field workforce operations in the infrastructure sector globally.
KEY QUOTES:
“NatWest’s confidence in us and our market-leading product confirms that our vision is necessary to reinvent field workforce execution across the industry. This investment will be instrumental in our ability to drive change where it’s most needed, as we focus on our U.S. expansion, strengthen our position in the market as we set the stage for our next era of growth, and pave the way toward a more proactive, efficient field workforce.”
– Shelley Copsey, FYLD’s CEO and co-founder
“This transaction showcases NatWest’s dedication to supporting innovative scale-up businesses, like FYLD, where we aim to build long-lasting partnerships with businesses that are driving innovation and making an invaluable contribution to the growth of the economy. Our financing will support the further expansion of FYLD’s transformational fieldwork software which promotes better safety behaviors and increases productivity and high-quality outcomes through AI-enhanced workflows.”
– Simon Foss, Vice President, Venture & Growth Finance, at NatWest
