Tenderd, a Dubai, UAE-based heavy equipment rental marketplace for the construction industry in the MENA region, raised $5.8m in seed funding.
The round was led by Y Combinator and BECO with participation from Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, VentureSouq, SOMA, Dynamo, and Global Founders Capital.
The company intends to use the funds to continue to streamline the equipment rental process and expand into neighbouring strategic markets.
Led by Arjun Mohan, who launched the startup under 12 months ago and joined Y Combinator shortly afterwards, Tenderd is a heavy equipment rental marketplace, which allows contractors to rent and manage quality construction equipment in a systematic way.
The company offers a comprehensive software solution to rent and manage equipment more effectively, with features including real-time productivity monitoring to predictive maintenance alerts. Once a contractor hires equipment from Tenderd, they have access to a tracking system powered by Artificial Intelligence to increase overall equipment productivity. It also enables them to track and regulate emissions to run equipment more sustainably.
Contractors with idle equipment can rent their equipment through Tenderd and maximize fleet utilization.