Construction machinery supplier Caterpillar has acquired Yard Club, a US-based construction equipment management platform that is also one of its portfolio companies, for an undisclosed sum, TechCrunch reported on Friday.
Founded in 2013, Yard Club has developed an online-based operating system that enables contractors and machinery rental companies to manage their equipment.
The company also allows customers to rent equipment directly through the platform, taking a percentage of the revenue in the process.
Yard Club had raised $5.1m in funding, according to TechCrunch. Caterpillar invested an undisclosed amount in Yard Club in mid-2015, at which point the startup began working with members in Caterpillar’s dealer network.
Venture capital firms Andreessen Horowitz and Harrison Metal had led the company’s 2013 seed round, which included Dorm Room Fund and angel investors Fred Poses and Andy Rachleff.