DOZR marketplace to expand with $22 million in VC funding

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DOZR site

DOZR, specializing in marketplace heavy equipment rentals, says it has raised $22 million in Series B funding.

Co-led by Silicon Valley’s Builders VC and BDC Capital, with participation from BaseCamp Equity Partners, this round of funding will further help the business expand its footprint across the United States, the company said in a Feb. 8 statement.

The news release was issued with an Orlando dateline. The company has a Canadian headquarters in Kitchener, Ontario.

“As the world’s first comprehensive online search for heavy equipment, DOZR has changed the digital future of rentals by empowering users with transparent access to suppliers across the continent,” the statement says.

“Ongoing global supply chain issues, increased demand, high utilization rates and manufacturing delays have compounded the existing challenges in gaining access to heavy equipment. Easy access to equipment through online rentals on DOZR.com has grown to be imperative to contractor success. DOZR’s online solutions make equipment rentals available at the click of a button.”

“We’ve seen a massive increase in online transactions and the demand to rent equipment online is at an all-time high,” said CEO and co-founder Kevin Forestell. “Contractors are turning to rentals to ease the challenges they are facing in their day-to-day when it comes to finding the equipment they need. DOZR provides these users with a simple and transparent solution.”

DOZR says its latest development, WebStores, “is a white-labeled software solution that allows rental companies to meet their customers’ need for an ecommerce solution with touchless, paperless rental transactions seamlessly integrated into the supplier’s existing website and ERP systems. “

As many rental houses do not currently offer instant rental transactions, DOZR’s software is bringing the industry forward and facilitating success as companies adapt to an increasingly digital world.

DOZR says it plans to expand into new markets this year including Arizona, Washington, Nevada, Colorado and Tennessee. The company will also use the funds to increase the size of the team, with plans to double its employee count by the spring.

“The pandemic significantly changed B2B commerce workflows moving from order flow via email, SMS, fax and paper checks to digital marketplaces. DOZR has emerged as a true market leader in providing a transparent marketplace in the $56B-plus equipment rental industry,” said Mark Blackwell, general Partner at builders VC. “We are thrilled to co-lead the latest round in DOZR and support their mission and expansion plans into the U.S. and Canada.”

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