Aucto, a San Francisco, CA- and Toronto, Canada-based sustainable industrial supply chain management company, raised $3.7M in funding.
The round was led by NFX with participation from Motivate Venture Capital. In conjunction with the funding, Marketplace veteran James Currier joined Aucto’s board of directors.
The company intends to use the funds to continue to expand operations and business reach.
Led by Jamil Rahman, CEO and Founder, Aucto provides an enterprise platform that empowers organizations to manage and recover capital from surplus assets. The technology digitizes and automates asset classification, internal redeployment, buyer verification, invoicing and payments and generates audit and compliance reports to quantify the positive impact of asset recovery efforts. In addition, organizations are able to control who and where assets are going to and build a more sustainable future by re-using and extending the longevity of their capital assets.
The platform enables companies to identify surplus assets across the enterprise and evaluate, redeploy and resell these assets on private and public marketplaces. The public marketplace connects sellers directly to buyers around the world who are looking to source quality equipment, machinery, materials and parts.