money moves

Houston-based digital marketplace for industrial equipment raises $5.5 million series A

Houston-based Hitched has dug up new investment money from a local private equity firm. Pexels

A Houston startup that acts as a digital marketplace for industrial equipment in the oil and gas and construction industries closed a sizeable series A financing round this month.

Hitched Inc. raised $5.5 million in its series A funding led by Houston-based Cottonwood Venture Partners, a growth equity firm that focuses on digital tech solutions in the energy industry.

"It is encouraging to see the support and excitement from CVP," Hitched's Founder and CEO Adam Gilles says in a press release. "With this Series A funding, we plan to continue to shake things up in the oil & gas, construction, and industrial industries."

The company, which was founded in 2018, coordinates the rentals — from hosting and chartering to managing them — all on one centralized platform. Hitched has a catalogue of equipment from generators and cranes to light towers, pumps to forklifts, and the site lists out the cost per day of each piece of machinery.

According to the release, Hitched will use the fresh funds to advance its product development and customer experience as it continues "to reinvent the industrial rental marketplace."

"We're delighted to partner with the Hitched team. The industrial rental segment is incredibly opaque and riddled with inefficiencies," says Ryan Gurney, managing partner of CVP, in the news release. "The Hitched platform provides both a transparent marketplace and an important management tool that allows both the renter and rentee to optimize rental inventory."

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Building Houston

 
 

This week's Houston innovators to know include Liongard CEO Joe Alapat, Church Space Founder Day Edwards, and PDR Principal Larry Lander. Photos courtesy

As Houston transitions into summer, the city's tech and innovation ecosystem enters a new season — but with the same level of entrepreneurialism and can-do spirit.

This week's innovators to know includes a Houston tech founder fresh off fundraising, an architect with the future of the workplace, and a startup leader with a way to digitally connect churches to their congregations.

Joe Alapat, CEO and co-founder of Liongard

Courtesy of Liongard

After raising a $17 million round for his startup, Joe Alapat, CEO of Liongard, joined the Houston Innovators Podcast to discuss fundraising during a pandemic and how he's seen the Houston innovation ecosystem grow.

In the episode, Alapat also shares his advice for Houston startups looking to tap into the Houston innovation ecosystem — something he's watched grow over the past five years. Now, he says, when it comes to new startups in Houston, "the waves are hitting the shore."

"Houston has always been an entrepreneurial city, and this is just that next stage," Alapat says on the episode. "For me, it's the technology side that excites me even more to see technology companies really succeeding." Listen to the episode and read more.

Day Edwards, founder and CEO of Church Space

Photo courtesy of Church Space

Large gathering places have been shut down for months at this point, and that includes places of worship. Houston entrepreneur Day Edwards, founder and CEO of Church Space, usually focuses on connection organizations to spaces for worship or events. But, she is now focused on getting services online for congregations to connect with.

"It felt like the perfect opportunity to give churches a way to reach more people during the pandemic," says Edwards. "This would create more impact than anything we could possibly offer at this time." Read more.

Larry Lander, principal at PDR

Photo courtesy of PDR

While much of the country has been working from home for weeks, Larry Lander opines that this has made physical office space more important than ever.

"As a place to provide a technology offering we don't enjoy at our kitchen table, as a place to better support small group work beyond the tiny real estate of our laptop screens, and as a place that physically represents what our organizations are truly all about," he writes in a guest column for InnovationMap. The role of the workplace has never been more critical to business success." Read more.

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