Venture Capital News: Getable Grabs $1.8M Financing
SAN FRANCISCO, CA, Leading provider of equipment rental reservations online recently closed a second financing, totaling $1.8 million.
Getable, the leading provider of equipment rental reservations online, unveils a new product offering aimed at the largest rental category--tool and equipment. The mobile first solution is geared toward general contractors and the establishments they rent construction equipment from. With over ten million general contractors across the United States, the tool and equipment category represents $32 billion and is projected to reach $46B by 2016.
To date, Getable has been tackling the $85 billion equipment rental market with customers spanning across tool rental, party rental, sporting rental and other rental establishments. Responding to the strongest traction seen on the platform, Getable is now focusing on solving the inefficiencies in the tool and equipment rental category through modern technology.
Getable's new focus is marked by new technology leadership as the company adds a new CTO in Mikeal Rogers. Mr. Rogers has a long history in technology, holding positions at OSAF, Mozilla, CouchOne and Yammer, in addition to founding his own startup, Gather. Mikeal Rogers brings extensive expertise in how to build superior products that meet the demands of mobile, transactional and real-time communication challenges. Best known for his involvement in the node.js community through events like his annual NodeConf, Mr. Rogers sees the opportunity for technology to disrupt the construction rental category.
"Opportunities this big don't come along very often and Getable is well positioned to do something great," says Mikeal Rogers, Getable's new CTO. "Construction represents the first mobile workforce and I can't believe they don't have great mobile products to help them manage such a key component of their job."
Getable's new construction rental application is in pre-alpha mode, while the team works closely with early partners on product development. The mobile app for contractors is designed for iPhone and will offer complete equipment management on and off the job site. This includes initiating new reservations, requesting service and maintenance, scheduling pick-up, and viewing what's on the job site at any given time. Getable's application establishes a real-time connection between rental merchants and their customers in the same way Uber connects car drivers with riders.
"It's a nightmare for construction professionals to get equipment on and off job sites and their time is money," explains Kevin Halter, Co-founder and VP of Business Development at Getable. "We provide these professionals with a remote control for equipment management. Getable reduces the cost of building projects and improves the lives of general contractors and equipment professionals."
In addition to the new focus and new leadership, Getable recently closed a second financing, totaling $1.8 million. This brings total funding for the company to $3.2 million. Notable investors include Andreessen Horowitz, Founder Collective, Promus Ventures and Chris Sacca of Lowercase Capital, an investor in similar two-sided networks like Uber and StyleSeat. Getable will be putting these funds toward building a world-class engineering team and solving the abundant inefficiencies in the massive tool and equipment rental category.
Getable launched in 2010 to connect people with their favorite products on-demand, from trusted rental establishments. Getable now serves the $32B 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 product rental needs, please visit http://www.getable.com.
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