EquipmentShare’s to launch new T3 fleet management system
By Belinda SmartJuly 21, 2021
Rental company EquipmentShare has completed a $230 million funding round to support the launch its new T3 telematics fleet 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 that for heavy equipment machines, vehicles and rentals.
The technology monitors and collects machine data including fuel level, run time and downtime, which is delivered to fleet managers via a dashboard accessible via desktop or tablet, or by mobile phone with the Link app.
The system is brand agnostic and is designed to work with any OEM, make or model.
EquipmentShare describes T3 as “a comprehensive construction technology solution that digitises and connects the three verticals of construction productivity: assets, people and materials.”
T3 “will give contractors real-time visibility into parts of the jobsite that are historically difficult to track and manage,” the company said.
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 forward direction will be supported by the appointment of Trevor Schauenberg as Chief Financial Officer.
Schauenberg has served the company as an Executive Operating Partner and board member for the past 10 months. He has 28 years of leadership experience at General Electric Company in operational, strategic and financial leadership.
“It’s been a natural progression to appoint Trevor to the CFO role, and we look forward to building upon this momentum,” said Jabbok Schlacks, CEO and co-founder of EquipmentShare.
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 the company is currently hiring around 100 employees each month to support the expansion.