Venture Capital News: Getable Gets $5M Funding
SAN FRANCISCO, CA, Leading app for ordering and tracking construction equipment, announced today that it has raised five million dollars to expand its services nationwide.
Getable, the leading app for ordering and tracking construction equipment, announced today that it has raised five million dollars to expand its services nationwide. The Series A financing was led by The Social+Capital Partnership, a leading Silicon Valley venture capital firm that joined the company's board of directors. The funding round also welcomed industry participation from individuals at Ghilotti Brothers, Inc., Pacific Structures, Zachary Construction, DPR Construction, and an investment from Darren Bechtel, a member of the Bechtel engineering and construction family and Managing Director of Brick & Mortar Ventures. Getable was honored as the first official investment for Brick & Mortar Ventures, a new fund investing in 'technology for the built world' with construction as one of its core areas of focus.
'Mobile technologies are rapidly transforming old guard industries,' explains Darren Bechtel, Founder of Brick & Mortar Ventures. 'Yet construction, which employs the single largest mobile workforce, has received relatively little attention and benefit from such technologies. Getable is leveraging mobile technology to bring efficiency and cost savings to construction teams by designing and delivering a beautifully intuitive software solution to better order, track, and manage heavy equipment -- one of the top three costs on a job site. I'm thrilled to be involved as we scale this solution to be a de facto app for job sites globally.'
Along with its new financing, Getable announced that it is rolling out its services nationwide. Now, any contractor in the United States can download Getable's free application to order, track and manage any piece of equipment from any supplier in the field - regardless of whether the equipment was originally ordered through Getable. This includes tracking company owned fleet which the American Rental Association estimates is approximately 50% of the equipment used on job sites. This update allows contractors to account for all the assets on a project to get a more accurate picture of running cost, equipment status, activity history, and location across job site inventory.
'Getable has become the go-to app for contractors to order equipment rentals, but this represents just a fraction of the total equipment physically on the job site,' shares Tim Hyer, CEO at Getable. 'We want to be indispensable when it comes to any type of construction equipment -- whether that equipment is sourced by Getable, or not. We're thrilled to roll out the ability to log any equipment type, including company owned fleet, to contractors throughout the United States.'
The new version, released today, introduces new features that give contractors greater control over equipment decisions. Contractors can now use Getable to order directly from the suppliers they know and trust, down to the individual sales rep who can setup a user profile in Getable. This allows contractors to take advantage of existing relationships, negotiated pricing, and volume based incentives. In turn, suppliers can more efficiently connect with their existing customers, spending less time on the phone and more time growing their business.
'Relationships matter in construction,' explains Hyer. 'Since job sites expect timely equipment deliveries, repairs and pick-ups, contractors depend heavily on the relationships they have with their supply partners. Getable now supports the contractor and supplier connections that exist in the offline world. If a contractor wants to order equipment from his favorite supplier rep, he can now find that rep and track the business he does with that rep, using Getable. If a contractor doesn't have an existing relationship, or doesn't have a preference for where a piece of equipment is sourced, he can always leverage Getable's Supplier Network to place the order. We now support both experiences in one app.'
Today's product upgrades, combined with the financing, help solidify Getable's position as the industry-leading technology solution for construction equipment. The app has been developed with some of the largest national and regional civil, commercial and specialty contractors. Hyer expects strong growth with access to more resources and the guidance of its new board member, Ted Maidenberg, General Partner at The Social+Capital Partnership.
'We get excited when we see best-in-class, consumerized software being built for massive verticals like construction. In our research, general contractors raved about Getable and came to rely on it as their 'mission control' dashboard to manage their equipment -- from the initial order to asset tracking to billing,' shares Maidenberg. 'We are eager to help the team grow contractor mindshare to become the go-to construction equipment management tool.'
Getable launched in 2010 to connect people with their favorite products on-demand, from trusted rental establishments. Getable serves the $41B construction rental market with mobile tools designed for construction professionals and rental equipment providers. With offices in San Francisco, California, Getable is a private company that is funded by prominent Silicon Valley investors. To learn more about how to use Getable for all of your equipment rental needs, please visit https://getable.com/ or contact us at info(at)getable(dot)com or 415-438-7805.
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