EquipmentShare, an equipment-sharing website that enabled contractors to rent their under-utilized equipment, has closed a $26 million Series B round of funding. The primary business model is business to business, with contractors renting equipment to other contractors.
Last year EquipmentShare, based in Columbia, Mo., launched a telematics system called ES Track that enables it to gather data about equipment. The data is displayed on a digital dashboard that can be read from a computer or mobile device.
EquipmentShare co-founders, William and Jabbok Schlacks, plan to use their new capital to expand into new markets and to develop predictive analytics that can compare a machine’s data against a database of historic records to help anticipate breakdowns.
The Series B round of funding was led by Insight Venture Partners and Romulus Capital, including $6 million in shares that converted from an earlier Series A round and $20 million in new capital.
