Telecommunications and internet group SoftBank has entered talks to lead a funding round for US-based construction equipment sharing platform EquipmentShare set to be sized at more than $150m, Forbes reported today.
The round would value the company at more than $1.5bn according to prospectus documents seen by Forbes, which reported that the $150m sum would boost its overall funding to about $220m. At least one investor has offered to invest at a $1.7bn post-money valuation.
EquipmentShare has developed a software platform called Track that helps contractors manage their fleets of construction machinery.
The software also powers EquipmentShare’s construction equipment rental business, which spans heavy machinery such as aerial lifts and earth movers to smaller power tools and safety equipment.
The company raised $25.1m in equity financing from unnamed investors in August 2018 and another $10m two months later, according to regulatory filings.
Insight Partners and Romulus Capital led a series B round for EquipmentShare that closed at $26m in January 2017. The round also featured Y Combinator and included $5.5m carried over from its series A round, led by Romulus Capital eight months earlier.
The series A round also featured Y Combinator, Sound Ventures, FundersClub, WeFunder, Great Oaks Venture Capital and Foundation Capital, all of which also took part in the company’s $2.1m seed round, which Romulus Capital led in 2015.
