A B2B marketplace that provides procurement, financing, and support for builders and contractors needing heavy machinery, has unearthed significant new funding. Machinery Partners has raised $11 million in new funding from new and existing investors.
Machinery Partners B2B marketplace
A total of $8 million will come from Armory Square Ventures and joined by Pritzker Group, two venture funds with expertise in the industrial technology space, Machinery Partners says. Other investors include RiverPark Ventures and Contour Venture Partners. Pacific Western Bank provided an additional $3 million in venture debt and some money from previous investors such as:
- Euclid Ventures
- One Way Ventures
- Techstars Ventures
Venture debt or venture lending is a type of debt financing provided to venture-backed companies by specialized banks or non-bank lenders to fund working capital or capital expenses, such as purchasing equipment.
“This funding will equip Machinery Partner to further expand across the country and become the go-to destination for heavy equipment manufacturers to sell to construction, agriculture and recycling companies,” the company says of its B2B marketplace.
Machinery Partners, based in Boston, currently does business in 35 states. The B2B marketplace offers procurement, financing, and support for a wide range of industrial equipment and heavy machinery.
In addition to selling in 35 states, it plans to expand operations throughout the country and internationally. In doing so, the company says, it hopes to support local construction and infrastructure development.
“Machinery Partner has brought a new approach to heavy machinery procurement designed to support industrial businesses facing labor shortage and needing more specialized equipment,” says Machinery Partner co-founder and CEO Clement Cazalot. “With this funding, we will continue to expand our offerings for our customers, support new factory partners, and increase availability to disrupt the $580 billion global heavy equipment industry.”
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