Hitched Inc., a marketplace for industrial rental equipment for the construction industry, has raised $5.5 million in a Series A funding led by Cottonwood Venture Partners, a growth equity firm that partners with technology companies providing digital solutions for the energy industry.
Founded in 2018, Hitched provides rental and service companies with the capability of hosting, chartering and managing equipment, all in an intuitive, centralized platform. The Series A financing allows Hitched to accelerate its product development, enhance the customer experience and continue to reinvent the industrial rental marketplace.
"It is encouraging to see the support and excitement from CVP," expressed Founder and CEO Adam Gilles. "With this Series A funding, we plan to continue to shake things up in the oil & gas, construction, and industrial industries."
Hitched provides many benefits for end-users:
- One-touch, on-demand rentals comprising of forklifts, generators, cranes, and more;
- Examination and evaluation of product capabilities;
- Revenue summaries comprised of all assets including crew members, products, and equipment; and
- Secure authentication and payment.
Ryan Gurney, Managing Partner of CVP, added, "We're delighted to partner with the Hitched team. The industrial rental segment is incredibly opaque and riddled with inefficiencies. The Hitched platform provides both a transparent marketplace and an important management tool that allows both the renter and rentee to optimize rental inventory."