Gearflow secures growth investment
By Leila Steed06 December 2022
Online parts platform Gearflow has secured US$5.5 million of investment to help it grow.
A recent funding round saw the US-based company secure investment from a group led by Brick & Mortar Ventures (BMV), a venture capital firm focused on “emerging technology that improves the construction industry”.
BMV along with Alumni Ventures and Gearflow’s existing investors - Newark Venture Partners, Watchfire Ventures, and Liquid2 Ventures - are providing the funds.
The investment will be used to further develop Gearflow for the entire heavy equipment parts supply chain, including equipment owners, dealers, distributors, and OEMs.
Luke Powers, CEO and founder of Gearflow, said, “At Gearflow, we’re helping construction equipment fleet managers break free from the madness around parts.
“The staggering costs of downtime due to limited supplier access, manual parts sourcing, and human error are crippling productivity in construction.
“We believe mixed equipment fleets can control the chaos and operate more efficiently with a digital experience that’s designed to work seamlessly within the current ecosystem of end users, distributors, and manufacturers.”
Gearflow said its digital platform, which currently has almost 4,000 users, consolidates “all communications, invoicing, and costs” for managing mixed fleets into a single “platform that supports automated parts requests to existing and alternative vendors”.
Incorporating live messaging, order management and real-time repair and maintenance reports, the online platform brings together equipment owners, distributors and manufacturers.
Current users of the web service including contractors, rental companies, energy/utility fleets, government fleets and service shops.
Darren Bechtel, founder and managing director of BMV, said, “The intuitive and purpose-built platform allows all of the stakeholders in the supply chain to focus on growing their businesses and the things they do best.
“We are thrilled to invest in Gearflow and help them on their mission to connect the global parts supply chain for heavy equipment.”