UAE-based Tenderd has announced the region’s largest seed funding round of $5.8 million.
Leading the funding round is seed capital firm Y Combinator and UAE early stage venture capitalist firm Beco Capital. It also includes Paul Graham, co-founder of Y Combinator; Peter Thiel, co-founder of PayPal and current Facebook director; and Justin Mateen, co-founder of Tinder, among others.
Arjun Mohan launched Tenderd just under 12 months ago having faced difficulties finding equipment for his family’s construction business. He joined Y Combinator shortly afterwards to become only the second startup from the region to be accepted into the accelerator.
Since then, Tenderd has grown to become one of the largest heavy equipment rental marketplaces in the MENA region.
Tenderd aims to use their seed capital to streamline the equipment rental process and expand into neighbouring strategic markets.
“We’re a startup run by a small, tight-knit team tackling a large and exciting problem,” said Mohan. “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.”
Once a contractor hires equipment from Tenderd, they have access to the company’s unique tracking system powered by artificial intelligence to increase productivity. It enables them to track and regulate emissions to run equipment more sustainably. Equally, contractors with idle equipment can also rent them through Tenderd.
“It is very exciting to see a company from the MENA region taking on a world-class challenge head-on,” said Yousef Hammad of BECO Capital.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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