- Tenderd, a service that allows users to rent dependable equipment in the MENA region, announced it raise $5.8 million in a seed round of funding
- Y Combinator and BECO led the funding round
The demand for the delivery of dependable equipment has been growing at a rapid pace. Tenderd — a company that offers contractors an efficient way of renting and managing high-quality equipment for any construction project in the MENA region — is addressing this issue.
Tenderd recently announced it raised the region’s largest seed funding round of $5.8 million from an all-star team of investors. Y Combinator and BECO led the funding round. Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, VentureSouq, SOMA, Dynamo, and Global Founders Capital also joined this round.
Tenderd founder Arjun Mohan launched the startup less than a year ago. Mohan was inspired to the launch company after personally facing the problem of funding equipment for his family’s construction business. Later, he joined the Y Combinator startup accelerator and became the second startup from the region to be accepted in the program.
“We’re a startup run by a small, tight-knit team tackling a large and exciting problem,” said Tenderd founder Arjun Mohan in a statement. “The construction industry has always lagged in adopting technology. However, our clients are increasingly more receptive to solutions that will help increase productivity and reduce capital investments. Our goal is to combine the efficiencies of a marketplace with the latest technologies to help them better compete.”
What is the market size? The $635 billion MEA construction market has been the fastest growing at 9% CAGR. And Asia-Pac is the largest globally at $5.1 trillion, growing at 6.3% CAGR. As of right now, the company operates in just the UAE across all 7 emirates. But Tenderd will be using the seed capital to streamline the equipment rental process and expand into neighboring strategic markets.
“With the growing need for dependable equipment delivered quickly and reliably, our investment will help Tenderd offer contractors an efficient way to rent and manage high-quality equipment for any construction project,” added Adora Cheung of Y Combinator.
How does Tenderd work? Once a contractor hires the equipment, they gain access to Tenderd’s unique tracking system powered by AI to increase overall equipment productivity. And it also enables them to track and regulate emissions to run equipment more sustainably. And equally, contractors with idle equipment can rent their equipment through Tenderd for maximizing fleet utilization.
“It is very exciting to see a company from the MENA region taking on a world-class challenge head-on. Arjun and the team at Tenderd are ambitious dreamers and capable executors, the make-up of a great team,” explained BECO Capital’s Yousef Hammad.