EquipmentShare, a Columbia startup that runs an online marketplace for renting construction equipment, has closed a $26 million funding round, the company announced Tuesday.
Insight Venture Partners and existing investor Romulus Growth led the funding round. Y Combinator, another existing investor, also contributed.
EquipmentShare plans to use the capital to roll out upgraded telematics technology and expand into eight new markets, according to a press release.
The company, often likened to an Airbnb for construction equipment, got its start at Columbia Startup Weekend in October 2014. EquipmentShare has now raised $33.72 million in four rounds, according to CrunchBase.
“We’re honored 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,” EquipmentShare president Willy Schlacks said in the release.