Dozr, a Kitchener, Ontario-based online marketplace for heavy equipment, has secured $14 million in its latest financing.
U.S. growth equity firm BaseCamp Equity Partners led the round. It was joined by FairVentures, the venture capital arm of Fairfax Financial Holdings, which led the company’s $2.5 million seed round in 2016.
BaseCamp’s partner in the deal, construction executive Juan Carlos Mas, will join the board.
Founded in 2015 by CEO Kevin Forestell, COO-CMO Erin Stephenson and Tim Forestell, Dozr uses artificial intelligence and machine learning to give platform users access to pricing and availability data from a range of equipment owners.
Photo (left to right): Kevin Forestell, Erin Stephenson and Tim Forestell, founders of Dozr.
DOZR Announces $14 Million Investment, Pushes the Envelope for Marketplaces of the Future
Canadian Startup Introduces Intelligent Equipment Rentals, Adds Industry Giant to Board of Directors
KITCHENER, Ontario – February 27, 2019 – DOZR, the world’s first intelligent comprehensive search for heavy equipment, today announced it has closed on its $14 million (CAD) equity financing. After years of continued growth and winning second place at Connecticut’s Global Venture Challenge in 2018, the Canadian startup has closed its Series A round. BaseCamp Equity Partners led the round with participation from FairVentures Inc., the subsidiary of Fairfax Financial Holdings Limited that led DOZR’s $2.5 million (CAD) seed round in 2016.
Moving into its fourth year, DOZR is leading the next generation of marketplaces to provide an unmatched user experience. This vision is shared by Florida-based construction mogul Juan Carlos Mas, who partnered with Basecamp Equity on the investment and has joined DOZR’s board. Mas was formerly CEO and chairman at Neff Rental (acquired by United Rentals for $1.3 billion), CEO and chairman of Synergy Equipment, and former executive at MasTec, one of the nation’s leading contractors for the construction and engineering of natural gas power plants, wind farms and solar energy facilities. Through his various affiliated entities Mas is one of the largest purchasers of construction equipment in North America.
“We’ve been working hard to deliver an unmatched user experience that benefits every part of the construction industry,” said Kevin Forestell, CEO and co-founder of DOZR. “As marketplaces evolve beyond peer-to-peer and user expectations grow, this investment and the insight we’ll gain from having JC’s participation will enable us to push the boundaries of what a marketplace in the sharing economy can be.”
Today’s marketplace users expect more and DOZR is ready to deliver. Powered by AI and machine learning, DOZR gives its users unparalleled access to price and availability data from a wide range of equipment owners across the industry. DOZR is the only equipment rental platform to offer this level of transparency to its users. DOZR is also creating opportunities for micro-entrepreneurs and other parties to invest in equipment and create new business from it.
DOZR knows marketplaces of the future will open up new opportunities to various parties beyond the peer-to-peer networks we see today. As one of DOZR’s new board members, Mas agrees.
“I believe the future of equipment rentals is online and like how DOZR is opening up the industry and making it more efficient,” said Mas. “Unlike other sharing economy platforms DOZR is going beyond P2P to connect the entire industry – contractors, rental houses, and OEMs – ushering in the next generation of marketplace to give contractors the best possible experience.”
Rebecca Grieb: email@example.com
DOZR is the world’s first intelligent comprehensive search for heavy equipment. The company’s mission is to bring heavy equipment within reach for anyone, anywhere, anytime. DOZR leverages technology to empower contractors across North America to run their businesses more efficiently. DOZR’s search engine algorithm is powered by over 3 million signals to provide the most comprehensive and accurate pricing and availability data in the market. www.DOZR.com