EquipmentShare, a Columbia, Mo.-based provider of construction technology solutions, secured $26m in funding.
The round was led by Insight Venture Partners and existing investor Romulus Growth with participation from existing investor Y Combinator.
In conjunction with the funding, Harley Miller, vice president at Insight Venture Partners, will join EquipmentShare’s board of directors.
The company intends to use the funds to launch its mixed-fleet telematics solution, ES Track, and open peer-to-peer marketplace locations in eight additional markets in the South and Midwest in 2017.
Led by Willy Schlacks, president, EquipmentShare provides contractors and original equipment manufacturers (OEMs) with construction technology solutions to manage equipment and make informed business decisions.
ES Track, its telematics platform, provides contractors with the ability to track the location, health and use of their fleet in real time, in a single place. Built specifically for the construction industry, ES Track provides in-depth oversight tools and analytics for both contractors and original equipment manufacturers (OEMs). Previously available only to EquipmentShare’s marketplace users, ES Track will now be available for contractors everywhere.
EquipmentShare also operates a peer-to-peer marketplace which – currently available in four U.S. cities – allows contractors to lend idle equipment for additional revenue or rent equipment at rates lower than traditional rental companies.