EquipmentShare In Talks for Another $150 Million in Funding
EquipmentShare, an equipment rental platform for the construction industry, might be on its way toward securing another hefty investment.
According to Forbes, Japan-based conglomerate SoftBank is in talks to become a lead investor in EquipmentShare, a tech company that is best described as “AirBnB for construction equipment.” Essentially, EquipmentShare is a platform that allows contractors to rent construction equipment and rent out equipment they own while also tracking data related to the equipment’s performance and maintenance.
In 2017 TechCrunch reported that EquipmentShare had raised $26 million in a Series B round of funding. Two years later, the company is engaged in talks to raise at least $150 million in a new round of funding.
SoftBank is the favorite to lead this investment, although Forbes is also reporting that the conglomerate has so far to declined to comment and that William Schlacks, president of EquipmentShare, called the information “fairly inaccurate.” SoftBank was recently in the news after it posted its largest-ever quarterly loss in November following disappointing performances from a few of the companies it has invested in, which include ride-sharing app Uber and office space rental platform WeWork.
With the effects of these recent losses still hanging over their head, SoftBank is likely looking for a steady winner to invest in. EquipmentShare posted $300 million in revenue this year, and the fact that it achieved growth and operating profits makes the platform stand out among other tech startups, which often lose money.
Technology made for the construction industry has seen a recent surge in investors. In September, self-driving construction equipment start-up Built Robotics raised $33 million in funding, and at the end of October Mark Cuban’s investment company was part of a $3 million investment in Toggle, a start-up that produces rebar-tying robots.
Should the deal between SoftBank and EquipmentShare go through, it would be even further confirmation that investors are increasingly willing to put massive amounts of money into construction industry tech.