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Startland News covered EquipmentShare's recent growth.
COLUMBIA, Missouri — Burgeoning construction tech giant EquipmentShare continues to announce plans for growth and expansion in the wake of its $290 million Series E funding round this spring.
RELATED: EquipmentShare digs massive $290M round, deepening US footprint, its T3 tech platform
Founded in 2014 by brothers Jabbok and Willy Schlacks, EquipmentShare connects contractors with equipment and fleet management technology using its T3 platform. It is headquartered on the I-70 corridor between Kansas City and St. Louis.
Recently, EquipmentShare was named to Y Combinator’s top companies by revenue list, which includes other tech startups like Airbnb, Dropbox, Doordash, Instacart, and Reddit.
Amy Susan, director of PR and communications for EquipmentShare, said the company’s inclusion on the list represented a full-circle moment; Y Combinator was an early investor in EquipmentShare through its accelerator program.
“For [Y Combinator] to see us among the likes of other major disruptors that are changing the way we work and live, it was a big occasion for us,” Susan said. “Our commitment to empowering the construction industry through our tech advancements like T3 is really what’s propelling that revenue, and that’s why we were recognized.”
In addition to securing funding and boosting revenue, EquipmentShare continues to expand its retail, rental, and service centers to more areas of the country, Susan said.
The most recent announcement of intentions was for a full rental and service solution center in Trotwood, Ohio, which Susan said was driven by local demand.
“Our growth is really fueled by the demand for our services and solutions by our customers,” Susan said. “We’ve been told by both our customers and the community that business is booming in Trotwood, so it was an easy decision for us.”
Construction on that project is expected to begin soon, Susan added.
Although EquipmentShare has experienced quite rapid growth from its founding to today, the company is committed to maintaining stable growth, Susan said.
“We are growing; it is very strategic and methodical,” she said. “We continue to invest in two big things: our people and our technology. … I think our customers are going to see that investment come to life in their hands, really empowering them and creating those seamless, user-friendly applications in building a system that just doesn’t exist anywhere else.”
The Series E funding round helped to fortify that momentum, Susan said, adding that the company was pleased to attract both existing and new investors.
EquipmentShare also closed on its debut bond offering of $640 million in senior secured loans, which Susan said will minimize the company’s future financial risk and exposure.
Though expansion continues nationwide, EquipmentShare remains committed to digging its roots in the Heartland, Susan said.
“Our founders are big believers in the work ethic that you can find here in Missouri,” Susan said. “You hear all the time that, ‘It’s flyover country. What’s there? No company could start and grow there.’ We just want to prove them wrong.”
“We are trying to disrupt an archaic industry that has been riddled with safety and security problems since the beginning,” Susan continued. “We’re not afraid of tough challenges. That’s why we do what we do, and we believe that we have the talent in mid-America to do that.”
