Garage raised US$41 million in Series B funding led by Invus Opportunities. The company operates an AI-powered marketplace for heavy equipment such as fire engines and garbage trucks. The platform connects municipalities to a national market.
Funding so far
The round brings Garage's total capital raised to US$60 million. Other investors include Infinity Ventures, Initialized Capital, Y Combinator, Benchstrength, and FJ Labs. Garage plans to use the capital to accelerate hiring.
Company momentum
Garage serves more than 1,000 communities in all 50 states and Canada. The platform recently crossed US$100 million in annual sales. It grew more than 400% year over year.
Platform features
The marketplace offers an AI appraisal engine that generates data-driven valuations. It provides automated freight quoting and end-to-end transport coordination. Buyers can also access equipment warranties and integrated financing.
Garage also plans to expand into public works and sanitation. Municipalities and essential services businesses can buy or sell equipment through its website. The company is hiring to support the expansion.