A Missouri company that is bringing the on-demand marketplace business model to the construction industry has raised $26 million. Insight Venture Partners and Romulus Growth, a Romulus Capital fund, led the round in EquipmentShare. Previous investor Y Combinator also participated. EquipmentShare operates as a marketplace like AirBnB where contractors can lend or rent construction equipment ranging from forklifts to concrete buggies.
EquipmentShare, the Airbnb of construction, raises $26 million
It hasn’t even been a year since EquipmentShare raised a Series A round of funding, but the “Airbnb of construction rentals,” has closed a $26 million Series B round. The Columbia, Missouri-based startup helps contractors rent out their under-utilized equipment, or rent safety tested equipment that they need from a fellow contractor. Last year, EquipmentShare also launched a telematics system for contractors called ES Track that allows them to automatically gather data about their equipment, whether it’s parked, being used on a job, or rented out. The data is displayed on a digital dashboard that’s easy to read on a mobile device or PC.
EquipmentShare raises $5.5 million for peer-to-peer marketplace for heavy equipment
To grow its peer-to-peer marketplace for construction equipment, Columbia, Missouri-based EquipmentShare has raised $5.5 million in a venture funding round led by Romulus Capital. Earlier, the “Airbnb for construction” raised $2.1 million in seed funding and participated in the Y Combinator accelerator. EquipmentShare’s co-founders, brothers William and Jabbok Schlacks, drew inspiration for their business from the socialist commune where they grew up in rural Missouri. The commune’s leaders had them building and fixing things from a young age, and living there taught them incredible work ethics, they say.
From Communal Living to Peer-to-Peer Construction Rentals
Brothers Willy and Jabbok Schlacks have drawn from their experience growing up on a commune to raise $2.1 million for EquipmentShare, a peer-to-peer marketplace for construction equipment. Based in Columbia, Mo., EquipmentShare has created a website and mobile apps that allow contractors to find and rent equipment for construction jobs from one another, rather than renting from a more expensive, corporate provider, or in lieu of buying large, expensive equipment that they may not need on a regular basis. Co-founder Willy Schlacks said he and his brother had been bouncing around the idea to create this kind of online resource for years, practically since they separated from their commune, Shepherdsfield Community, in August 2010. While on the commune– which allowed its members no private ownership of any possessions– they worked on many construction jobs. They had access to a shared toolshed and any equipment they needed there.