Paypal founder Peter Thiel invests in UAE construction startup Tenderd
Investment comes as part of heavy equipment rental marketplace’s seed round, worth $5.8m
Co-founder of Paypal, Palantir Technologies, and Founders Fund, Peter Thiel, has invested in UAE construction equipment rental startup Tenderd, an e-marketplace that has received $5.8m in a seed funding round led Y Combinator and Beco, and also including Paul Graham, Paul Buchheit, Justin Mateen, Matt Mickiewicz, Venture Souq, Soma, Dynamo, and Global Founders Capital.
Tenderd said it aimed to use its seed capital to streamline the equipment rental process and expand into neighbouring strategic markets in the Mena region and beyond.
Arjun Mohan, founder and chief executive officer of Tenderd, said: “The construction industry has always lagged in adopting technology. However, our clients are increasingly more receptive to solutions that will help increase productivity and reduce capital investments.
"Our goal is to combine the efficiencies of a marketplace with the latest technologies to help them better compete.”
Beco Capital's Hammad said: “It is very exciting to see a company from the MENA region taking on a world-class challenge head-on. [Mohan] and the Tenderd team at are ambitious dreamers and capable executors."
Y Combinator's Adora Cheung added: “With the growing need for dependable equipment delivered quickly and reliably, our investment will help Tenderd offer contractors an efficient way to rent and manage high quality equipment for any construction project.”