What we do: Equipmentshare is a peer-to-peer construction equipment marketplace for companies looking to borrow affordable equipment while allowing contracting companies to rent out their dormant equipment.
Why it's a big deal: Before Equipmentshare came along, contracting equipment sat by idly until the next construction project began. Considering that the construction equipment rental industry is a $40 billion industry, contractors who own unused equipments can hugely benefit from Equipmentshare's platform. Contractors looking to borrow construction equipments can browse a list of available equipments nearby on Equipmentshare's platform while contractors that own these equipments can earn money lending out their otherwise idle equipment.
Since Equipmentshare takes care of all the logistics, including delivery, maintenance and insurance, it's a win win situation for both renters and lenders of expensive construction equipment.
Raised 2.1 million in seed funding
Saves renters up to 40%
All equipment inspected in-house; 100% buyback guarantee
Lower rates for non-profits such as Habitat for Humanity
Construction equipment rental is a $40 billion industry
EquipmentShare rolled out its service in February. Once contractors sign up and get background checks, they can do things like rent equipment in the field just by texting or calling from their cellphone, Schlacks says. Next up for the company is expanding its service from the Midwest to construction growth markets in Texas and California. It’s very early, of course, but the startup has figured out the nuances of renting out a wide range of equipment such as cranes, forklifts, bulldozers, and skid loaders—and how to make money doing it.
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.
The company was founded by brothers Willy and Jabbok Schlacks, who have been in the construction industry for more than 20 years and grew tired of facing the constant buy-versus-rent conundrum when it came to the equipment they needed.
EquipmentShare.com, a peer-to-peer equipment rental platform took home the grand prize and top honors this weekend. And by Sunday, they had already had their first sale. Contractors and individuals are provided with a marketplace where both parties can make money off their dormant equipment by renting the equipment.
October 7, 2014
Meet the Founders
Jeffrey founded Lowe Contracting and previously worked as a freelance web design consultant. He is a Y Combinator alum.
A Y Combinator Alum, Matthew has worked as a web app developer at Delta Systems Group and Veterans United Home Loans.
Prior to Equipmentshare, Brad worked in web design and marketing at Lift Division and Zapier.
Before founding Equipmentshare, William and his brother Jabook worked in the construction industry for more than 20 years and noticed its inefficiency
Owner of Schlack Construction with his brother William, Jabbok has over 20 years experience in the construcition industry.
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