EquipmentShare closed a $230 million Series D funding round to expand it’s technology and U.S. Footprint. Concurrently it hired former GE Capital executive Trevor Schauenberg as Chief Financial Officer.
Founded in 2014 and incorporated in 2015 the company has a fleet management platform for the construction industry.
President William “Willy” Schlacks and his CEO brother Jabbok spent 20 years running their own contracting business where they were constantly frustrated by equipment downtime. Now the company has 60,000 machines on its platform, 45% of which are directly owned by EquipmentShare. The platform is not tied to any manufacturing brand, and offers contractors information on equipment use, operating hours, telematics, and smart alerts about downtime. The company says some of today’s money will go to further developing it’s T3 platform to connect assets, people and materials for real-time visibility into difficult to track parts of the job-site.
CrunchBase reports that the company has raised $124 million in prior rounds. In a February article in International Rental News it was reported that the company cites annual revenues in excess of $1 billion.
Today’s Series D was led by Tiber Global Management, The Spruce House Partnership and RedBird Capital Partners with participation from Tru Arrow Partners and existing investors Romulus, Insight Partners and Anchorage Capital Group.
Links:
