The venture capital arm of plumbing and industrial distribution giant Ferguson led a recent fundraising round for a startup developer of inventory and purchasing software aimed at the trades.
Ferguson Ventures, along with previous venture capital backers Primary and SignalFire, combined to raise $8.5 million for Ply, which is focused on “becoming the go-to platform for materials management and replenishment in the trades,” officials said.
Ply intends to use the funding to bolster its capabilities and product development, strengthen its supplier partnerships, and deepen its integration with field service and accounting platforms. The company will also partner with Ferguson to provide real-time inventory and demand insights to contractors and suppliers, as well as help automate replenishment and increase transparency across the supply chain.
Ply officials said that its platform helps save time, reduce errors and improve profitability. The company noted that between 20% and 35% of contractor revenue is linked to materials, and that even small inefficiencies could quickly erode margins.
“Their decades of industry experience, paired with Ply’s platform, gives contractors something rare: tools built with a true understanding of how the trades operate,” Ply CEO Dave Wigder said in the announcement.
The campaign represents the 20th investment to date for Ferguson Ventures.
“Ferguson Ventures invests in technologies that help the specialized trade professional run more efficient, profitable businesses,” said Ferguson Ventures Managing Director Blake Luse. “Together, we’re driving innovation for our industry so pros have what they need on the jobsite to successfully deliver projects and keep their customers happy.”
