EquipmentShare’s new T3 management system
16 July 2021
US rental company EquipmentShare has completed a $230 million funding round to support the launch its new T3 management solution, while the company is also expanding its national footprint.
The funding is led by investment firms Tiger Global Management, The Spruce House Partnership and RedBird Capital Partners, with additional participation from investment firm Tru Arrow Partners and existing investors Romulus, Insight Partners and Anchorage Capital. Group.
T3 is a telematics solution for heavy equipment machines, vehicles, and rentals, which monitors and collects machine data including fuel level, run time and downtime.
Data is delivered to fleet managers via a dashboard accessible via desktop or tablet, or by mobile phone with the Link app, and the system is also brand agnostic, designed to work with any OEM, make, or model.
A spokesperson for the company told IRN, “T3 not only helps contractors better manage their fleet, it will also help them manage their team members and their overall operations.”
“The T3 operating system digitises manual processes and connects data from the three verticals of construction (assets, people and materials) into one single ‘data lake’, unlocking visibility and control for contractors.”
T3 “will give contractors real-time visibility into parts of the jobsite that are historically difficult to track and manage.”
EquipmentShare President and Co-founder Willy Schlacks said, “We are grateful to our new and existing investors for joining us on this journey to build connectivity for the construction industry.”
Spruce House Partnership Co-founder Ben Stein said EquipmentShare was “building software and solutions to make the entire construction industry safer, more efficient, and more productive.”
Meanwhile EquipmentShare’s next phase of development will be supported by the appointment of Trevor Schauenberg as Chief Financial Officer (CFO).
Schauenberg has served the company as an Executive Operating Partner and board member for the last 10 months and has 28 years of leadership experience at General Electric Company (GE) in operational, strategic and financial leadership.
CEO and Co-founder of EquipmentShare Jabbok Schlacks said. “It’s been a natural progression to appoint Trevor to the CFO role, and we look forward to building upon this momentum.”
EquipmentShare plans to significantly increase its footprint in the U.S. in 2021 to grow its total presence to more than 100 rental, retail and service locations, and is currently hiring around 100 employees each month to support the expansion.