KWIPPED, a B2B startup focused on specialized equipment rentals, is ready for more expansion after landing some $700,000 in a projected $1 million round of venture capital.
VentureSouth is the lead in the round.
The first financing closed last month but was disclosed on Thursday.
“We’re thrilled to have an investment partner with the experience, reputation and track record of VentureSouth. The ability to tap into the expertise and knowledge of its members will be invaluable as we scale and grow our business,” said KWIPPED CEO and Co-Founder Robert Preville in a statement.
“We plan to leverage the funds to substantially expand our marketing efforts, and to add sales and technology employees. The investment also enabled us to lease some much needed office space to accommodate our growing staff,” he added
The firm recently moved into new space in downtown Wilmington.
The KWIPPED difference
In a recent Q&A with WRAL TechWire, Preville explained what sets his firm apart.
“Even in today’s digital world where online consumer marketplaces like Uber and Airbnb are causing massive disruption, there are relatively few businesses leveraging the marketplace model to offer B2B solutions. More specifically, the few players in the online equipment rental space, like BigRentz (heavy construction), Yard Club ( heavy construction) and Borrow Lenses (photography) are limited to renting equipment in a single industry.
“KWIPPED believes the equipment rental process is industry agnostic and our platform provides a complete and proprietary equipment rental solution that works for any industry. We currently support equipment rental across more than 20 industries, including:
- Laboratory
- Medical
- Surveying
- Audio Visual
- Heavy Construction
- Electronic Testing
- Photography & Film
- Telecom
- Oil Drilling
- Environmental Testing
- HVAC
- And many more…
“Plus, our platform is super flexible, so we can and do easily add new equipment categories as rental demand dictates.”
Why the deal
“Equipment rental is a $50 billion-a-year industry in the U.S.; and KWIPPED is the first company to design an online platform to make the process of sourcing and renting equipment simple and efficient,” said VentureSouth Managing Director Paul Clark.
“We’re excited about our investment in KWIPPED because they’ve proven their platform provides valuable benefits and advantages for both renters and suppliers—and we think KWIPPED has the potential to be truly disruptive in several
industries that have never had access to an efficient method of renting equipment.”
VentureSouth works with 11 different angel networks with more than 200 accredited investors. It has invested more than $20 million across the southeast in 55 companies.
