Jul. 18, 2021
EquipmentShare, Columbia, Mo., has completed a $230 million funding round led by Tiger Global Management, The Spruce House Partnership and RedBird Capital Partners, with additional participation from Tru Arrow Partners and existing investors Romulus, Insight Partners and Anchorage Capital Group. These fundraising efforts provide capital for EquipmentShare to launch its core technology solution, T3, the operating system for construction, and expand its suite of technology solutions. The investment round also allows the company to increase its national footprint to better serve the needs of its customers.
“We are grateful to our new and existing investors for joining us on this journey to build connectivity for the construction industry,” said Willy Schlacks, president and co-founder, EquipmentShare. “We are eager to leverage this milestone round to launch several initiatives, with the continued goal of empowering contractors and accelerating productivity in construction.”
EquipmentShare is building upon its asset tracking solution to create an ecosystem of connectivity for construction and will soon launch T3, a comprehensive construction technology solution that digitizes and connects the three verticals of construction productivity: assets, people and materials. T3 will give contractors real-time visibility into parts of the job site that are historically difficult to track and manage.
“After meeting Willy, Jabbok, and their team, we were incredibly impressed by what they are building at EquipmentShare. They have not only created a fast-growing, technology-enabled rental business that their customers love, but they are also building software and solutions to make the entire construction industry safer, more efficient, and more productive,” said Ben Stein, Spruce House Partnership co-founder. “We are excited that our investment allows EquipmentShare to run even faster at these ambitious goals.”
EquipmentShare plans to significantly increase its footprint in the U.S. in 2021 to grow its total presence to more than 100 locations. These additional rental, retail and service locations will allow the company to connect with new customers and better serve larger companies nationwide. As part of its expansion plans, EquipmentShare plans to hire in each new market it enters. Currently, the company hires an average of 100 employees each month.
EquipmentShare recently named Trevor Schauenberg as its chief financial officer (CFO). For the past 10 months, Schauenberg has served as an executive operating partner and board member. He has 28 years of progressive leadership experience at General Electric Co. (GE) in operational, strategic and financial leadership roles.
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