Ahead of its Series B investment round, the funds will accelerate growth opportunities and expansion for the AI-powered fieldwork software
FYLD, the AI-powered, 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. The long-term banking partnership will enable expedited investments and continued growth across markets, especially as FYLD scales past the development stage.
“NatWest’s confidence in us and our market-leading product confirms that our vision is necessary to reinvent field workforce execution across the industry,” Shelley Copsey, FYLD’s CEO and co-founder, said. “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.”
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NatWest serves more than 19 million people, families, and businesses across the UK and Ireland. Positioning itself as a “relationship bank for a digital world” – NatWest focuses on championing potential and driving change for its communities in enterprise, learning, and climate, focusing on the people and communities who have traditionally faced the highest barriers to entry and figuring out ways to remove these obstacles.
Simon Foss, Vice President, Venture & Growth Finance, at NatWest said “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.”
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As FYLD nears its fifth anniversary, the industry leader 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