Dubai-based heavy equipment rental marketplace for the construction industry has raised $5.8 million in what it’s calling the largest ever seed funding round of MENA from some of the leading investors of Silicon Valley and the region. The round is led by Y Combinator and BECO Capital and joined by Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, VentureSouq, SOMA, Dynamo, and Global Founders Capital.
Founded by Arjun Mohan last year who started the company because of not being able to find equipment for his family’s construction business, Tenderd allows equipment owners to list their equipment on the platform to reduce idle time, increase overall fleet utilization and generate consistent revenue and contractors to access a fleet of over 3000 equipment for rent which includes dozers, excavators, cranes, rollers, trucks and more.
Arjun Mohan, Founder of Tenderd, commenting on the occasion, said, “We’re a startup run by a small, tight-knit team tackling a large and exciting problem. The construction industry has always lagged in adopting technology. However, our clients are increasingly more receptive to solutions that will help increase productivity and reduce capital investments. Our goal is to combine the efficiencies of a marketplace with the latest technologies to help them better compete.”