Diversified trading group Itochu led a $15m funding round for US-based construction equipment marketplace BigRentz yesterday, participating alongside undisclosed private investors.
BigRentz operates an online rental marketplace for construction machinery like lifts and earth-moving machinery in addition to equipment such as light towers, dumpsters and storage units. It serves roughly 2,500 partners across 8,500 rental yards.
The cash will support the company’s acquisition of site services provider Equipment Management Group for an undisclosed amount, as well as a merger with construction equipment rental service Lizzy Lift that was announced two weeks ago.
Investment firm St. Cloud Capital provided an undisclosed amount of growth capital for BigRentz in 2015 that came after about $940,000 in funding the previous year, according to regulatory filings.
The company subsequently raised $7.9m in May 2018 and closed an additional $800,000 in equity funding in February this year, according to additional filings.
