WILMINGTON, NC; January 5, 2017 – KWIPPED Inc., an online B2B equipment rental marketplace, received growth funding from VentureSouth, an early stage investment firm, in December of 2016. The investment makes VentureSouth the lead investor in KWIPPED’s $1,000,000 Series A round and increases KWIPPED’s total capital raised to more than $700,000.
“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.
KWIPPED’s online platform facilitates equipment rentals between businesses and organizations that need to rent specialized commercial equipment and suppliers that have equipment inventory available to rent. KWIPPED offers rentals in more than 500 equipment categories across 22 different industries and has over $55 million in assets available for rent for applications including: medical and laboratory, audio-visual, construction, surveying, film production, power utility and many more.
“We plan to leverage the funds to substantially expand our marketing efforts, and to add sales and technology staff,” explained Preville.
KWIPPED currently has nearly 500 registered equipment suppliers and more than 2100 registered rental customers, including well-known brands and organizations like: Apple, Inc., The Coca Cola Company, Siemens, Sherwin-Williams, The United States Navy, Under Armor, BASF, Leica Geosystems, General Dynamics, The University of Chicago Medical Center and The US Forest Service.
According to VentureSouth Managing Director, Matt Dunbar, “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. 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.”
KWIPPED, Inc. developed and maintains the world’s first comprehensive B2B online rental marketplace. KWIPPED technology streamlines sourcing from a global network of equipment rental suppliers, reduces risk, assures quality and facilitates trusted relationships between renters and suppliers. The Company aims to maintain a trusted marketplace for professionals to locate, discover and rent specialized equipment for commercial applications. KWIPPED’s worldwide headquarters is located in Wilmington, NC. For more information, call 800.273.8404 or visit www.KWIPPED.com.
VentureSouth is one of the largest groups of angel networks in the United States. The investment firm coordinates 11 angel groups and 2 funds across the Carolinas, comprising more than 200 accredited investors. The firm has invested over $20 million in 55 companies across the Southeast. For more information visit venturesouth.vc.