Machinery Partner – a company offering novel procurement, financing, and support for builders and contractors needing heavy machinery – recently announced it raised $8 million in Series A financing led by Armory Square Ventures and joined by Pritzker Group, two venture funds with expertise in the industrial tech world. And RiverPark Ventures and Contour Venture Partners also participated in the round alongside numerous B2B marketplace founders. Pacific Western Bank also provided an additional $3 million in venture debt, and the company raised follow-on from previous investors Euclid Ventures, One Way Ventures, and Techstars Ventures.
The company is on a mission to enable the builders of the U.S. to improve local communities. And this funding round will equip Machinery Partner to further expand across the country and become the go-to destination for heavy equipment manufacturers to sell to construction, agriculture, and recycling companies.
Machinery Partner is a B2B marketplace that democratizes innovative and specialized heavy machinery by enabling manufacturers and dealers to sell online and deliver double-digit savings on the critical equipment builders needed to complete jobs, grow their businesses, and compete in the market. The company offers procurement, financing, and support for various industrial equipment and heavy machinery. The company is already selling in 35 U.S. states, with plans to expand operations throughout the country and internationally to support local construction and infrastructure development.
Heavy industrial equipment like rock crushers, screeners, and shredders are critical for advancing community infrastructure nationwide and adding in-demand recycling programs. But high costs and increased service needs keep this equipment out of reach for many small businesses and subcontractors. And Machinery Partner is the key connection between machinery factories and their customers, making equipment accessible and affordable so builders can scale their businesses and gain an edge against competitors and larger companies.
KEY QUOTES:
“Machinery Partner has brought a new approach to heavy machinery procurement designed to support industrial businesses facing labor shortage and needing more specialized equipment. Our goal is to serve builders across the United States and beyond who need state-of-the-art machinery to improve their local communities and grow their businesses. With this funding, we will continue to expand our offerings for our customers, support new factory partners, and increase availability to disrupt the $580 billion global heavy equipment industry.”
— Machinery Partner Co-Founder and CEO Clement Cazalot
“The team at Machinery Partner continues to take the lead in an industry with massive potential, having expanded into 35 U.S. states. We are energized by high growth marketplaces in industries undergoing rapid digital transformation. Machinery Partner’s trajectory mirrors the early days of ACV Auctions, another marketplace business that ASV funded in the past. As towns and cities across the country continue to struggle to keep up with construction and infrastructure demands, Machinery Partner is enabling independent and small to medium size builders to not only grow their companies, but also to support local development.”
— Somak Chattopadhyay of Armory Square Ventures – who joined the board
