VeriTread, a heavy-haul marketplace, entered a partnership with Sumitomo Corporation of Americas. SCOA together with Sumitomo Corporation plan to underwrite a $2.5 million third-party allocation of new units for an undisclosed ownership stake of VeriTread.
Florida-based startup company VeriTread provides an online transportation marketplace that connects construction equipment owners with transportation service providers. In addition, its VeriTread For Business solution allows distributors to harness the power of the VeriTread platform in their internal operations. The company has already partnered with used equipment auctioneers such as IronPlanet, Kruse, allEquip, Cat Auction Services, TruckPlanet and GovPlanet. Its online system is integrated with these partners’ websites, allowing equipment buyers to arrange transportation conveniently upon checkout.
As a provider of infrastructure investments in the U.S., SCOA recognizes the market need for easy facilitation of construction equipment transport, especially as the deterioration of U.S. roads, bridges and tunnels becomes a more serious issue. Transporting large equipment is complex and expensive. Improving the efficiency of this is of great value to equipment users, dealers and rental companies alike.
“SCOA has been a major player in the construction equipment distribution and rental business in the U.S. and Canada. With our experience in this industry, paired with our long-standing partner relationships, we aim to further expand VT’s value throughout this market and continue to contribute to the development of U.S. infrastructure projects,” said Kenichi Hyuga, senior vice president and general manager of the construction and transportation system group at SCOA.
“We are pleased to have SCOA partnering with us as we expand our platform and grow our business. SCOA brings with them several years of expertise in this industry and many important relationships,” said Jeff Cox, Jr., founder and CEO of VeriTread. “We look forward to having them as a valuable partner as we continue to pursue our mission to improve the heavy-haul transportation industry.”
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