If you’re going to spend tens of thousands of dollars on a truck, crane or bulldozer, you want to make sure you’re not getting gouged.
That’s why Adam Lawrence wants to bring convenience and transparency to the sale of used heavy equipment. He is the co-founder and CEO of Boom & Bucket, an online marketplace for heavy equipment that announced a $5.5 million seed funding raise on Wednesday.
Boom & Bucket allows sellers to get an appraisal, find a buyer and close the sale online. Buyers can view detailed photos and videos, read inspection reports, qualify for financing and have the machine delivered to their door.
The company guarantees buyers that it will repair, replace or refund the cost of any equipment that differs from the inspection report, photos or video in the online listing.
The added transparency causes buyers to make higher offers, according to the company, which states the average piece of equipment has sold for 40 percent more than it would at a wholesale auctions.
The seed funding round was co-led by Human Capital and Brick & Mortar Ventures, with additional participation from 8VC, Global Founders Capital, Streamlined Ventures, Quiet Capital and MaC Venture Capital.
While Boom & Bucket currently serves three markets in the southwest, the company plans to use a portion of its new funding to expand nationwide and grow five-fold by the second half of the year.
The company will also use a portion of the funds to partner with financial institutions and technology platforms with the goal of improving its customer experience.
