TenderSpace is a platform seeking to unify the fragmented elements of the construction industry. It’s a place to manage projects, people and products.
TenderSpace raised EIS-eligible capital of £482,996 via SyndicateRoom in December 2017.
The primary focus of TenderSpace is to try to provide project owners and their advisors access to the best solutions for their construction project, and aims to provide smaller contractors and specialists with knowledge and transparency to access new opportunities through the range of sources available on their platform. Projects can also be managed through the platform with all communication and documentation being stored in one place, creating greater efficiency and productivity. The platform already boasts 1,147 active users working on 219 projects.
TenderSpace originally sought to raise £350,000 via SyndicateRoom, with the funds to be predominantly used on marketing and working capital.
TenderSpace saw that the construction industry did not have a unified project management platform, and aims to offer a one stop shop of the tools that all of the specialists within the industry really need in order to achieve effective project delivery and optimum productivity. These include permitting businesses to:
- Manage projects, teams, documentation and business critical information (whether as a client, a building owner/occupier or a contractor)
- Protect projects and businesses by providing comprehensive due diligence tools
- Grow by providing access to planning leads, public sector jobs and most importantly, early stage projects being run on the TenderSpace platform
The platform is designed in such a way that users can either embrace all of the applications or simply use those that they find most useful. They have additionally made it flexible, so that users can adopt TenderSpace alongside other existing applications that they might use, therefore removing barriers to adoption.
Construction is among the least digitised industries in Europe. Many processes are still analogue or rely upon basic technology which results in delays and inconsistencies in the transfer of information. In turn, this leads to delays, disputes and the potential for the project owner and the construction team to be working from different versions of reality.
The current business model is based upon charging users an annual subscription of £280 for full access to the range of available work opportunities and due diligence tools that have been developed in conjunction with CreditSafe. The company plans to enhance the revenue model when it achieves sufficient traction and add further features to the platform.
Husband and wife David and Emma Stapleton are co-founders of The TenderSpace.
CEO David previously ran a number of commercial property development companies including Sherborne Land, a private property development and investment company specialising in retail park, leisure and office development. It was this in-depth knowledge of construction and its inherent problems that spawned the idea for TenderSpace. He is a Member of the Royal Institution of Chartered Surveyors (RICS), a qualified Barrister and has successfully undertaken post-graduate studies at the University of Cambridge.
Emma is COO at The TenderSpace and a Fellow of The Royal Institution of Chartered Surveyors (RICS). She previously worked alongside her husband at Sherborne Land for seven years, where she was Co-Director and responsible for acquisitions. Opportunity led, Sherborne Land focused on commercial development and investment in the retail, office and leisure sectors. Emma has also held roles as Director of Strata Investments, Co-Director at Cadena (Sherborne) and Partner at Matthews and Goodman.
The lead investor
Lead investor Ashley Tatham is an Oxford mathematician who has enjoyed using his academic and instinctive abilities across a wide spectrum of financial and business areas. He was attracted to the financial markets in the late 1980s and worked for more than a decade as a derivatives trader and quantitative analyst at BZW and Security Pacific Hoare Govett. Following this, he was Head of Trading at City Index and did consultancy work for Betfair (in which he was an early investor) and was responsible for the formation of LMAX, a foreign exchange trading facility.
Having experienced first-hand many of the frustrations of the construction process that their platform seeks to address, I could immediately see the viability of [TenderSpace’s] solution. There are potentially so many areas for disruption and improvement, together with a variety of potential revenue streams from their business idea.