Construction equipment and technology firm EquipmentShare said Wednesday that it has completed a $290 million funding round led by BDT Capital Partners. The round also saw participation from Brown Advisors, RedBird Capital Partners, Sound Ventures and Tru Arrow Partners.

“Our growth continues to be fueled by new customers who are ready for a technology-driven construction solution,” said Jabbok Schlacks, CEO and co-founder of EquipmentShare.

“This latest round of funding brings in growth capital from both new and existing investors,” Schlacks said. “We were pleased to have completed this raise in a challenging macro-economic environment at a valuation that was 40% higher than the previous raise in 2021.”

A portion of proceeds, according to CFO Trevor Schauenberg, will be used for expansion and investments into its T3 platform.

EquipmentShare provides a variety of services and digital solutions to the construction industry and has grown to more than 150 locations in the U.S., the company said, opening 32 in 2022 alone.

The company sells new and used equipment, parts and tools and also provides rental and related services. Its T3 platform uses both hardware and software to help contractors track and manage both rented and owned equipment and tools, monitor related spending and manage associated staff via one solution.

“We’re thrilled to partner with Jabbok and Willy Schlacks and the entire EquipmentShare team to help build the connected jobsite of the future,” said Henry Yeagley, partner and head of Middle Market at BDT & MSD Partners.

“Drawing on decades of construction experience, they have created a profitable, fast-growing, tech-enabled business with the potential to meaningfully disrupt the equipment rental market and the broader construction space,” Yeagley said.

EquipmentShare is also an investor in construction technology.

In June 2022, the company led a $19 million Series A round for Felux, a B2B marketplace and supply chain platform for steel and other metals, a market that is largely still dominated by offline and paper-based transactions, EquipmentShare said.

The Felux platform, according to the company, digitizes the steel and metals supply chain from end to end.

Source: The Construction Broadsheet