€3m funding to aid Easy Hire expansion
By Belinda Smart27 June 2022
Equipment rental and tool hire online platform Easy Hire has raised €3 million to fund expansion of its offer and future growth in European markets.
Easy Hire’s online facility operates as a franchise network and marketing platform for the tool and equipment rental industry. Its interface enables rental firms to provide their customers with greater access to tools and equipment.
The funding round in early June was led by Sir Stelios Haji-Ioannou, founder of the Easy Jet airline and a long-time investor in Easy Hire.
The €3m will finance a range of initiatives and expansion plans.
Easy Hire co-founders Andrea Guzzoni and Dennis Helderman, said; “We’re launching more comprehensive B2B trade accounts on the system to cater towards customers that hire more frequently. For example, we’re exploring automated credit verification integrations, additional insurance coverage, and credit provider partnerships to enhance the rental offering.”
The company already offers real-time stock availability, online identity verification, automatic carbon offsetting, smart auto-suggestions, and “an ecosystem for independent owned rental/hire companies that enables them to compete with the industry big boys.”
The funding will also support further growth in markets across Europe. Easy Hire operates in the UK as Easy Toolhire and Easy Eventhire, in Spain (Easy Alquiler) and Italy (Easy Noleggio).
Late last year Easy Hire said it was planning a launch in France with Easy Location, and further launches are planned in Germany, Croatia, Greece and BeNeLux in the near future.
In addition to support from Easy Group - which is Haji-Ioannou’s personal investment vehicle - the funding has backing from Fabio Cannavale, CEO and founder of lasminute.com, Boost Heroes VC and the Italian Angels of Growth (IAG) Syndicate.
Carolina Gianardi, of IAG commented: “We continue to believe strongly in this project because of the potential represented by the digitisation of a growing sector and because of the team that even during the pandemic period has shown it can continue to grow the business, accelerating its presence not only in its first two markets, Italy and the UK, but also launching activities in Spain and preparing for entry into other European markets”.
The company has also just appointed Roger Soto as Country Manager, Spain, at Easy Alquiler. Soto has 15 years experience in business consulting and technology start-ups, as well as an MBA from IESE Business School.
“The incorporation of someone with Roger’s experience and background will allow us to improve our services, expand our business and develop our investment in the country”, said Guzzoni.
To date, EasyHire has raised more than €5.5m and has experienced tenfold client growth and sixfold depot growth since the pandemic began in late 2019 / early 2020.