Gearflow.com raised raised $1.1 million to support growth of their platform. The funding round included participation from Seth Lawry, Cindy Lawry, Soren Oberg of Thomas H. Lee Partners, Annabelle LLC and Chicago Early Growth Ventures.
Gearflow is an e-commerce platform built to support and digitally represent the thousands of construction equipment rental companies and complementary businesses that make up the construction equipment industry. The company launched in 2018 and has grown to over 90 active sellers from independent to national rental equipment companies.
"This funding kicks off our development of the next iteration of Gearflow.com to help all businesses in the construction equipment industry seamlessly transition into the digital economy," says Luke Powers, founder and CEO of Gearflow.com. "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 and team to do it."
The funding will be used to accelerate product development and growth the team.
Additional focuses include:
- Improving the online buying experience for end users
- Refining the seller experience
- Growing its 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," says 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 improve the way construction equipment is bought, rented, and sold."