Caterpillar Invests in an Airbnb for Excavators

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Caterpillar Invests in an Airbnb for Excavators

By James R. Hagerty
tweet me:
.@CaterpillarInc invests in Airbnb-like business for heavy machinery http://3bl.me/4zqfqp #sharingeconomy #peer2peer @WSJ
Friday, May 8, 2015 - 10:30am

CONTENT: Article

Originally published on WSJ.com

Caterpillar Inc. said it had invested in Yard Club Inc., a San Francisco startup that helps owners of heavy equipment rent idle machines to one another, much as Airbnb Inc. helps people find vacant homes or apartments for short stays.

A spokeswoman for Caterpillar, which makes construction and mining equipment, said the company had provided a bridge loan that could be converted to equity in the future. Colin Evran, Yard Club’s 31-year-old chief executive who founded the startup in 2013, declined to provide details of the financing but called it “pretty substantial.” Yard Club already had attracted $1.6 million of venture capital in late 2013, he said. 

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Keywords: Responsible Business & Employee Engagement | Caterpillar Inc. | Sustainable Finance & Socially Responsible Investment | Wall Street Journal (WSJ) | Yard Club Inc. | sharing economy | sustainability

CONTENT: Article