Getable was founded in 2010 in San Francisco with the goal of making it easier for contractors to connect with the equipment they require to complete a project. It offers a free app for construction crews that allows them (contractors) to track equipment they already own in the field and manage orders for equipment from third-party rental providers.
In this article, we will be discussing the Getable business model in detail and gain our answers to the following questions: “How does Getable make money?” and “How does Getable work?”
The Getable story began in 2008 in California, when three brothers, John, Cory, and Zach Taylor, teamed up to launch a company that would help small businesses generate online revenue. Based on their knowledge gained from years of working in the Yellow Pages industry, they created a next-generation platform to connect service providers with businesses and consumers. Gradually, their company began attaining a quality name in the industry and turned out to be a proficient leader in genereting leads for the construction equipment rental industry. In 2014, they further extended their services to homeowners and property managers.
Getable Business Model
Getable intends to bring a very inefficient market with minimal price, availability, and transparency online in this way. Contractors will have additional options for suppliers to rent from thanks to the app, which enables them to make a choice based upon an negotiated pricing, existing relationship, or volume-based incentives.
Getable Revenue model
Any equipment ordered through the app earns the company a 10% commission. Getable also gives contractors additional visibility into the assets they manage for any given task, as well as the expenditures connected with those assets, as well as where and how often specific equipment is used. The construction industry is following a broader trend of contractors renting rather than buying products they only use infrequently, so adoption is picking up. According to the American Rental Association, over half of all construction equipment is rented. It also adheres to the trend of transferring everything to apps and software. More than 90% of general contractors are said to use smartphones on the job site, and iPad usage among construction crews has risen to more than 60%. As more contractors use smartphones and tablets on the job, apps like Getable help contractors keep track of their equipment, whether it’s rented or owned. Getable is based in San Francisco and has spent a lot of time there.
The mentioned equipment categories include:
- Equipment rentals
- Lawn Care
- Pest Control
How does Getable work?
Getable was established in 2010 to give people on-demand access to their favorite products from reputable rental companies. Kevin Halter is a co-founder, and Tim Hyer is the company’s founder and chairman.
Getable now provides mobile tools for construction professionals and rental equipment providers to serve the $32 billion construction rental market. It is a private startup based in San Francisco, California, that is backed by major Silicon Valley investors.
Getable is a contractor app that brings together all rental equipment suppliers into one simple interface, making it easy to order and manage heavy equipment on the job. The app keeps track of company-owned equipment as well as equipment from third-party vendors who want to sell their equipment on the app. A simple service request submitted through the app will take care of any piece of equipment that requires maintenance. The users can search from the available rental equipment near them in the catalog on the home screen.
When you select a specific product, a screen appears where you can set preferences for that piece of equipment. The contractor notes how long the crew plans to use the equipment on the job site when renting it. Getable sends a notification to the contractor at the end of the specified term to remind them that the rented equipment is still on site.
“It provides construction teams with free-to-download apps that allow them to track equipment they already own in the field and handle orders for equipment from third-party rental providers.”
The app’s main feature is that it connects construction industry professionals with third-party rental providers who advertise available stock and offer same-day delivery in the app. Getable’s management library keeps track of financial data and equipment details, as well as tracks equipment borrowed from a variety of sources. This is especially beneficial for small contractors who may need to borrow equipment on a regular basis. Having all the payment information in one app has also made it easier to resolve issues.
There are many product categories specified on the website. When one selects any of the categories, a questionnaire page pops up where simple questions are asked by the platform that the user must precisely understand and fill out.
After answering all the questions, the portal asks for contact information to provide a perfect quote for your needs.
Who are Getable’s investors?
Getable has successfully raised a total funding amount of $10.8M in over 3 funding rounds. Gerable’s recent round of funding was a Series A round on February 24, 2015. (source crunchbase).
The company is funded by 30 investors. The most recent investors are Brick & Mortar Ventures and Zachary Construction.
According to PrivCo, Getable has a post-money valuation of $10M to $50M as of February 25, 2015. Sign up for a free trial to see the actual value of a company and to look at other firms with comparable values.
List of investors:
- Brick & Mortar Ventures
- Zachary Construction
- Social Capital
- Lowercase capital
- DPR Construction
- Pacific Structures
- Otter Rock Capital
- Ghilotti Brothers
- Brendan Wallace
- Stomper Company
- SV Angel
- Founder Collective
- Collaborative Fund, etc.
Out of the 30 total investors, two are leading investors, including Social Capital.
How does Getable make money?
Every equipment rental business has a wide range of revenue generation channels. The most common ones are
- Commission: Every transaction that takes place on the platform earns the equipment owner a commission, and the rest is charged by the platform itself.
- Advertising: Equipment owners can use the platform to promote their products. The platform determines the cost of advertising based on the number of clicks/views.
- Featured Listings: Equipment owners can pay a fee to have their listings appear in the featured section.
- Subscriptions (Premium subscriptions): Each platform offers various subscription plans that sellers can purchase in order to receive additional benefits in addition to their normal platform operations, such as reduced delivery charges, discounts, and so on.
Although, when we are specifically looking into the Getable revenue model, we see that the company is only making its earnings through commissions now. It makes a 10% commission whenever any equipment is ordered through the app.
Getable’s top competitors include,
- BlueLine Rental, LLC
- Yard Club, Inc.
- Sunstate Equipment Co.
- Ahern Rentals, Inc.
- Ashtead Group plc
- United Rentals, Inc.
According to research, the global construction equipment rental market will reach $250.4 billion by 2026, growing at a CAGR of 3.8. This data shows that the equipment rental market will be extremely profitable in the coming years. Renting equipment makes financial sense because it saves a significant amount of money over purchasing new equipment and reduces common expenses like labor, maintenance, and operations. The equipment rental industry contributes significantly to the US economy. Short-term rental and leasing initiatives are included in this estimate, indicating that overall equipment rental activity is expected to increase.
Looking to start your Getable like solution?
If you are willing to launch a heavy equipment rental platform similar to Getable, NCrypted Technologies has the right solutions developed by our capable and innovative workforce. We offer customized and innovative features as per your requirements to let you launch a successful equipment rental platform.
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