Gearflow.com raises $1.1M seed funding
By Lindsey Anderson04 October 2019
Gearflow.com, an online sales enablement platform built to support construction equipment rental businesses, has announced a $1.1 million seed funding round. This round of funding was completed with participation from Seth Lawry, Cindy Lawry, and Soren Oberg of Thomas H. Lee Partners, Annabelle LLC, and Chicago Early Growth Ventures.
“This funding kicks off our development of the next iteration of Gearflow.com to help businesses in the construction equipment industry seamlessly transition into the digital economy,” said Luke Powers, founder and CEO of Gearflow. “Coming from equipment rental, I saw an opportunity to support all of the great businesses that make up this industry and now we will have the platform to do it.”
The new round of funding will be used to accelerate development and build an account management team. Specifically, the areas that the Chicago-based company will focus on are:
● Improving the online renting and buying experience for end users, enabling them to make data informed decisions about their equipment.
● Refining the seller experience on Gearflow, making the platform an extension of their current business.
● Create an account management team to scale customer support.
“Gearflow.com is poised to fill a tremendous void in the construction equipment space, and we’re excited about their opportunity for growth. Their marketplace solution brings much needed transparency and convenience to the buying process, while simultaneously driving brand awareness and engagement for the supply side businesses,” said Jeff Eschbach, founding partner of Chicago Early Growth Ventures. “But what really set Gearflow.com apart for Chicago Early Growth Ventures is their deep connections within the equipment rental space and experienced founders that have spent years working and learning the rental industry. They have the vision and domain expertise to fundamentally change the way construction equipment is bought, rented and sold.”
Gearflow.com launched in the fall of 2018 and has grown to over 80 active sellers from independent to national rental equipment companies.