Antbuildz, a Singapore equipment rental marketplace, announced raising S$235,000 (approximately $175,000) in pre-seed funding led by Apricus Ventures.
With the fresh capital, Antbuildz said it will increase the team’s headcount, improve the user experience for consumers and rental partners on the platform, as well as strengthen marketing efforts.
Erwin Foo, co-founder of Apricus Ventures, said they are thrilled to have invested in Antbuildz as it is poised to unlock the potential of the gig economy within the construction industry.
“This is evident as we could see a surge in the traffic to its online platform and a high user-to-customer conversion rate in a short period of time,” Foo added.
Considered as Singapore’s first and largest construction equipment rental marketplace, Antbuildz, seamlessly connects trusted equipment suppliers with users over the platform making it easier for contractors to search, compare and rent with just a few clicks.
Kek Hean Hooi, co-founder and CEO of Antbuildz, said many construction companies still manually dial up different equipment suppliers to enquire and would take many days to clarify and compare when it could be easily resolved in one click.
Hooi added that they also help level the playing field for SME construction companies as they may not have bargaining power and transparent cost comparison.
Firms that rent through Antbuildz are able to compare prices easily and rent for a flexible duration. Rental partners are also able to easily reach a wider user base, market their equipment and increase its utilisation rate, while being assured that payment will be made securely and on-time.
Meanwhile, it has recently rolled out Antbuildz Machinery All Risk in order to make the rental safer.
All rentals made on the platform will be protected with up to $15,000 first loss coverage. This is the first of its kind in Southeast Asia. With this introduction of on-demand insurance, this will help raise the standards of safety for users and rental partners in the industry.