Seattle-based lumber marketplace startup Yesler is looking to grow its team after raising $5 million.
Yesler founder and CEO Matt Meyers said the startup currently has about a dozen employees, all of whom are based in the Seattle area. He added that Yesler could double its headcount in 12 to 18 months with the funding, announced Tuesday, and the company will keep the bulk of its team in the region as it grows.
Meyers said the funding "will be split about 50-50 in terms of hiring around R&D, so software engineers. Then we'll really be building our go-to-market sales team. That's one of the big, exciting pieces for us."
Yesler, founded in 2019, offers a lumber and building materials marketplace where buyers and sellers can communicate with each other. The company also provides software to help with inventory and purchase planning, as well lumber price analytics to help clients make smarter decisions. Yesler has raised about $10 million to date, Meyers said.
According to Meyers, wholesale lumber traders currently rely on manual processes and spend lots of time on the phone, making an opportunity for digital tools to improve the industry. Lumberyards, meanwhile, can use Yesler to buy lumber and better understand their needs, he added.
Crosslink Capital led the round, while PSL Ventures, Tech Square Ventures and Ascend participated. Crosslink's portfolio includes Postmates, Bleacher Report and Chime. PSL Ventures is the venture arm of Pioneer Square Labs, which spun out Yesler. Meyers said Pioneer Square Labs came up with the name Yesler, an homage to the lumber and sawmill roots of Seattle.
Meyers said he is a civil engineer by trade but began working in lumber in 1996. His LinkedIn page shows he spent more than 21 years at the Seattle-based timber products company Weyerhaeuser, where he was last vice president of sales, marketing and supply chain. Meyers added that change in the lumber industry needed to be driven by an insider but is unlikely to come from traditional companies that are more concerned about their land and mills. While the company is currently focusing on lumber, Meyers said Yesler could move into other building materials like roofing.
Yesler currently has office space in Smith Tower, at Second Avenue and Yesler Way in Pioneer Square. Meyers said the company has a flexible work model but prioritizes in-person collaboration. He added that although Yesler has enough space for now, it will likely grow its footprint down the road.
"We'll stay in Seattle," Meyers said. "We frankly love the Pioneer Square area. We love the downtown area. It's where we want to be. It's great for commuters. We would love to see it thrive a little bit more than it is right now."
