One-year-old machinery e-commerce site Machinio announced yesterday a $1 million seed round from a group of investors including Indeed co-founder Rony Kahan and New York-based Elevation Partners. This is Machinio’s second funding round in 12 months having raised a $40,000 seed round last July.
Machinio.com, a search engine and online marketplace dealing in used industrial equipment, connects over 300,000 people each month looking to buy metalworking, construction or agricultural machinery. Currently with over 1.25 million listings on its site, Machino has created the most comprehensive industrial goods marketplace in an industry highly fractured by sellers' and buyers' geography.
“No longer does a Polish buyer in search of a specific hydraulic press need to visit dozens of German and American websites for a machine he can’t find locally," CEO Dmitriy Rokhfeld told Tech Cocktail. "On Machinio.com that same user is able to search across countries and languages with one simple search."
Now that Machinio has relocated to Chicago after graduating from Entrepreneurs Roundtable Accelerator, Machinio will be using the funding to improve its user experience and to strengthen its relationships with its partners around the world. With transactions happening in 17 different countries, Machinio is already capitalizing on the $200 billion market for used industrial goods.