Canadian construction equipment startup Dozr has raised CAN$2.5m (£1.5m) of seed funding to expand its business into the US market, and has indicated that Europe is in its future plans.
Set up in 2015, the company has positioned itself as the Airbnb for heavy industrial equipment.
Dozr offers a rental service, much like Airbnb, that allows people to rent equipment they need, or to make money from equipment they aren’t using.
Based in Ontario, Dozr’s marketplace lets builders rent equipment, such as excavators, bulldozers or in future drones and industrial robotics, either alone, or with a licensed operator who can run it for the duration of a given job.
Kevin Forestell, chief executive and co-founder of the company, explained to CM: “We’re using a model similar to Airbnb in that you rent someone else’s property. It became clear to us that we should be doing this with construction equipment. Heavy industrial equipment can often lie idle in between or after jobs, so it’s a way of making more money for the owners, and those who need the equipment don’t have the expense and commitment with a full purchase.”
The company already has more than 2,000 customers and has listed more than $50m (£40m) worth of equipment on its marketplace.
As well as using the new funding to expand into the US, the company says it plans to add new features to its platform, and hire employees across sales, marketing, product and engineering.
One feature Dozr plans to add to its site this year will allow users to upload a video when they list equipment for rent.
“With video Dozr will be able to show the condition of equipment as it leaves and as it comes back to a renter, or even how it is used when it’s on the job site,” Forestell said.
Dozr sees itself as different from other vehicle rental companies as it provides insurance directly to equipment owners with every rental, and allows renters to book professional operators not just equipment.
Forestell said: “We’re partnered with an insurance company, so we cover the machine, for damage or theft or any scenario. It’s all included in the price which some of our similar competitors don’t do.
Speaking about the future he added: “We’re also looking to provide other specialist equipment and the attachments to machines, such as breakers, special buckets, things not usually available for rent.
“Sometimes people buy these attachments, and they sit for two years before used again, so with us they can make money in between.
“Europe or the UK are in our plans at some point and if opportunities present themselves we’re open to looking at them in the future.”
