Softbank’s Vision Fund reportedly in talks to invest in construction startup EquipmentShare
SoftBank may be down but not out. As we reported last week, SoftBank’s embattled Vision Fund posted $8.9 billion loss in third quarter due to Uber and WeWork. Just when you think the Japanese giant would stop investing in tech companies, instead SoftBank seems to be doubling down, but with a twist. This time around, SoftBank wants startups to show operating profits.
Yesterday, Forbes reported that Missouri-based construction startup EquipmentShare is in talks to raise at least $150 million in a new funding round led by SoftBank, according to prospectus documents viewed by Forbes. If it all goes well, the new funding new round would give the construction tech startup a post-money valuation of at least $1.5 billion and would increase the startup’s total fundraising to at least $220 million. SoftBank did not provide any comment. EquipmentShare cofounder and president William Schlacks sent a statement to Forbes that called the information “fairly inaccurate” but declined to elaborate.
EquipmentShare was founded in 2014 by Brad Siegler, Jabbok Schlacks, Jeff Lowe, Matthew McDonald, and Willy Schlacks. It is an equipment rental marketplace that also offers telematics and equipment utilization services. The startup provides fleet managers, general contractors, service techs, heavy equipment mechanics, drivers, operators, safety managers new ways to work. EquipmentShare offers smart jobsite solutions that help contractors improve productivity and efficiency.