SoftBank's Vision Fund wants to make construction tech startup EquipmentShare its newest unicorn-making investment, in a shift from its previous playbook: operating profits.
SoftBank leader Masayoshi Son, seen speaking here in 2017, is poised to invest in EquipmentShareto achieve $300 million in revenue this year, according to the documents, on $150 million in EBITDA profits, a measure of earnings that strips out accounting, taxes and financing expenses. Achieving healthy operating profits is a key step to GAAP profits and is a milestone that stands in sharp contrast to many money-losing tech startups.
Should SoftBank ultimately lead the deal, the investment would signal that some startup founders aren’t shying away from association with the Vision Fund, despite its recent negative publicity — and that some remain intrigued by Son and his firm’s long-term vision and business contacts. EquipmentShare was founded in 2014, by two brothers, William and Jabbok Schlacks, alongside three other co-founders. “As contractors ourselves, we often faced the frustration of having to source equipment for our projects and debate between purchasing a machine that may only get used a few times a year or renting that piece of equipment for a sizable fee,” William Schlacks, its CEO,. Their solution, a marketplace for renting such tools, graduated from the famed accelerator Y Combinator in 2015.
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