EquipmentShare secures $26 million in funding to fuel marketplace expansion
EquipmentShare, a leading provider of construction technology solutions that support contractors and original equipment manufacturers (OEMs) better manage equipment and make smarter business decisions, has secured $26 million in funding led by Insight Venture Partners and existing investor Romulus Capital. Y Combinator, another existing investor, also participated in the round. With this capital, EquipmentShare will launch its mixed-fleet telematics solution, ES Track, and open peer-to-peer marketplace locations in eight additional US markets.
“We’re honoured to have the continued support of Romulus Capital, specifically managing partner Neil Chheda, who has played a key role in the company’s growth and look forward to drawing from Insight’s expertise and experience,” said Willy Schlacks, President of EquipmentShare.
“Since our founding, we’ve committed ourselves to helping the construction industry become more efficient, lucrative and productive,” said Schlacks. “With this funding, we’re able to spark even greater change in the construction industry by further expanding our rental marketplace footprint and providing contractors everywhere with the telematics data they need to optimize their equipment.”
ES Track is a robust telematics platform built for the construction industry, providing contractors with the ability to track the location, health and use of their fleet in real time, all in one place. ES Track provides in-depth oversight tools and analytics for both contractors and original equipment manufacturers (OEMs). Previously available only to EquipmentShare’s marketplace users, ES Track will now be available for contractors everywhere.
“ES Track enables contractors and OEMs to make more informed decisions about their fleets through automated data collection,” said Schlacks. “Not only can contractors automate maintenance and job analytics, but they can also boost the ROI of their fleets by renting their underutilized assets on the EquipmentShare marketplace.”
ES Track will also play a vital role in helping contractors comply with the upcoming ELD Mandate issued by the Federal Motor Carrier Safety Administration, which will require all contractors to prove hours of service compliance using electronic logging devices by Dec. 2017. ES Track is a ready-made solution to this mandate and will enable contractors to comply easily while benefitting from ES Track’s innovative analytics and data for their fleets.
“EquipmentShare is quickly emerging as the gold standard telematics-connectivity platform and marketplace for the construction industry, changing the paradigm on how contractors operate their businesses,” said Harley Miller, Vice President at Insight Venture Partners, who will join EquipmentShare’s board of directors. “We are pleased to add EquipmentShare to our portfolio of companies as they continue to outpace the competition and redefine a massive and growing industry.”
EquipmentShare will also use this funding to expand its peer-to-peer marketplace locations. Currently available in four US. cities, EquipmentShare will launch in eight new markets in the South and Midwest in 2017. Contractors in these markets will be able to lend idle equipment for additional revenue or rent equipment at rates lower than traditional rental companies.
“EquipmentShare has become one of the fastest-growing construction technology companies in the nation. In the 18 months following our investment in their seed round, the company expanded into two new markets and developed a comprehensive telematics platform that will benefit contractors on an entirely new scale,” said Neil Chheda, co-founder and general partner at Romulus Capital. “EquipmentShare is a prime example of company that has taken the collaborative consumption model and evolved it into a more meaningful technology business.”
EquipmentShare will continue to expand its suite of solutions to help contractors use technology to more efficiently manage their fleets.
Read the January 2017 issue of Construction Global here
Environment Agency clamps down on plastic films and wraps
Businesses in the waste and construction industries must ensure they deal with waste plastic properly to stop illegal exports, the Environment Agency (EA) has warned.
The warning comes as the Agency is increasingly aware of plastic film and wrap from the construction and demolition sector being illegally exported.
Exports are frequently being classified as ‘green list’ waste of low risk to the environment, but are often contaminated with materials such as mud, sand, bricks and wood, posing a risk to the environment and human health overseas, and undermining legitimate businesses in the UK seeking to recover such waste properly.
During the last year, the EA has intercepted shipments to prevent the illegal export of this material on numerous occasions. The Agency inspected 1,889 containers at English ports and stopped 463 being illegally exported. This, combined with regulatory intervention upstream at sites, prevented the illegal export of nearly 23,000 tonnes of waste.
Those convicted of illegally exporting waste face an unlimited fine and a two-year jail sentence. But construction firms could also face enforcement action if contaminated construction and demolition waste plastic is illegally exported.
Malcolm Lythgo, Head of Waste Regulation at the Environment Agency, said it is seeing a marked increase in the number of highly contaminated plastic film and wrap shipments from the construction and demolition industry being stopped by officers.
“I would strongly urge businesses to observe their legal responsibility to ensure waste is processed appropriately, so we can protect human health and the environment now and for future generations. It’s not enough just to give your waste to someone else - even a registered carrier. You need to know where your waste will ultimately end up to know it’s been handled properly. We want to work constructively with those in the construction and waste sectors so they can operate compliantly, but we will not hesitate to clamp down on those who show disregard for the environment and the law.”
There are a number of simple, practical steps that businesses can take to ensure that C&D site waste is handled legally.
Construction businesses should check what’s in their waste
- Different waste types need different treatments and so must be correctly categorised to ensure it goes to a site that is authorised to handle it safely. Businesses can also check if their waste is hazardous as different rules might apply.
- If you are removing the waste yourself, you must be a registered waste carrier- registration can be carried out here. When a waste collector is transporting your site waste, you must check they have a waste carrier’s licence from the EA.
- You must also check that the end destination site any waste is taken to is permitted to accept it and has the right authorisations in place. Keep a record of any waste that leaves your site by completing a waste transfer note or a consignment note for hazardous waste which record what and how much waste you have handed over and where it is going.
Waste management industry must adhere to export controls
- Contaminated C&D waste plastic - including low-density polyethylene (LDPE) wrap and film - must be exported with prior consent from the EA as well as competent authorities in transit and destination countries.
- Those involved in the export of such waste must ensure that it meets the requirements set under the relevant export controls, such as being almost free-from contamination; the destination sites are appropriately licensed to receive and treat the waste; and waste is correctly managed once received.
The EA will continue to actively target those who export contaminated C&D plastic waste illegally, including any accredited packaging exporters who issue Packaging Waste Export Recovery Notes (PERNs) against such material in breach of their Conditions of Accreditation.
Businesses involved in the shipment of waste are required to take all necessary steps to ensure the waste they ship is managed in an environmentally sound manner throughout its shipment and during its recycling.
Anyone with information regarding the illegal export of waste including C&D waste plastics can contact the EA’s Illegal Waste Exports team at: [email protected] or anonymously via Crimestoppers on 0800 555 111 or via their website