EquipmentShare, an equipment and digital solutions provider serving the construction industry, announces the completion of 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. This 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,” EquipmentShare President and Co-founder Willy Schlacks said. “We are eager to leverage this milestone round to launch several initiatives, with the continued goal of empowering contractors and accelerating productivity in construction.”
Founded in 2014 and incorporated in 2015, EquipmentShare has experienced rapid growth, spurred by the demand for its award-winning fleet management technology and equipment solutions. More than a rental company, EquipmentShare is building upon its asset tracking solution to create an ecosystem of connectivity for construction, a sector that has historically been disconnected from technology and lags in productivity gains. The company 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 jobsite 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,” Spruce House Partnership Co-founder Ben Stein said. “We are excited that our investment allows EquipmentShare to run even faster at these ambitious goals."
EquipmentShare also announced the appointment of 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 brings 28 years of progressive leadership experience at General Electric Company (GE) in operational, strategic and financial leadership roles to his newly appointed role of CFO.
“Over the past year, Trevor has demonstrated the leadership qualities needed to take our company to the next level,” CEO and Co-founder of EquipmentShare Jabbok Schlacks said. “It's been a natural progression to appoint Trevor to the CFO role, and we look forward to building upon this momentum.”
"I'm thrilled to accept the CFO role at EquipmentShare and help the company continue to execute on its strategic growth plans," Schauenberg said. "After working with the EquipmentShare team as an advisor and board member this past year, I'm convinced we have a differentiated offering that will drive exceptional growth for many years to come."
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. In 2020, Glassdoor named EquipmentShare one of the top growing companies in the country, despite the COVID-19 pandemic. Additionally, Forbes named the company on its list of America’s Best Startup Employers based on employee satisfaction, employer reputation and growth for the second consecutive year.
For more information on EquipmentShare’s equipment and digital solutions, visit equipmentshare.com.
Headquartered in Columbia, Mo., EquipmentShare is a nationwide construction solutions provider dedicated to solving industry pain points through smart jobsite technology and equipment rental, retail and service centers. More than a rental company, EquipmentShare’s cloud-connected platform is powered by telematics and machine hardware to give construction and industrial companies a real-time view into the jobsite. EquipmentShare’s enterprise suite is OEM-agnostic and can track any piece of equipment, regardless of brand, to help fleet managers monitor assets, prevent theft and machine misuse, track employee hours and shifts, increase machine utilization, streamline maintenance and prevent unplanned downtime. Founded in 2014 and incorporated in 2015, EquipmentShare employs more than 2,300 team members of diverse perspectives that push the boundaries of possibilities to create unparalleled customer value, support their communities and empower construction professionals to work more efficiently. EquipmentShare’s growing presence of locations, which includes equipment and service yards, research and development sites, dealerships for major brands, administrative offices and specialty solutions locations, serve the rising demand for the company’s equipment and digital solutions. Our company is on a mission that has no summit, working to accelerate productivity for contractors and build connectivity for construction. To learn more, visit equipmentshare.com.
The Spruce House Partnership
The Spruce House Partnership was founded in 2005 to make concentrated, long-term investments in public and private companies led by exceptional founders.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $5 billion of capital principally across its Sports, TMT, Financial Services and Consumer industry verticals. RedBird invests with an entrepreneurial, company-building mentality, with an emphasis on capital appreciation and compounding equity returns over longer holding periods. RedBird’s network of business founders and entrepreneurs is central to its investment sourcing strategy, and its highly curated group of limited partners are active co-investors who provide scalable capital support. For more information, please go to www.redbirdcap.com.
About Tru Arrow Partners
Tru Arrow Partners is an investment partnership based in New York, formed specifically to partner with investing families from around the world. The firm’s investing focus is on private growth technology companies primarily in the global internet, software, consumer, and fintech industries. The firm was founded by Glenn Fuhrman, James Rothschild and Adam Silverschotz. Prior to launching Tru Arrow, Glenn co-founded MSD Capital, L.P., the private investment firm for Michael Dell, the founder and CEO of Dell Technologies, and from 1998 through 2019 served as its Co-Managing Partner. James was co-founder and Managing Partner of West Arrow, a Partner at Lepe Capital and has directed his family investment vehicles for 15 years. Adam was most recently at TCV where he led their investments in ByteDance and Capsule after spending several years at Coatue as a Managing Director in Hong Kong.
About Romulus Capital
Romulus Capital is an early-stage venture capital firm focused on building, rather than betting on, the next big technology and science-enabled companies. The firm partners with entrepreneurs looking to become industry leaders and works with them to build world-class teams, win major customers, iterate on product, and think strategically about building a strong foundation. The firm was founded by former entrepreneurs in 2008, more information is available at www.romuluscap.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com.