In 2021, Clement Cazalot stepped down as managing director of Techstars Boston to go from mentoring startups to running one. Cazalot is now the co-founder and CEO of Machinery Partner, a Boston startup that offers procurement, financing and other support for builders and contractors that need heavy machinery.
On Tuesday the company announced an $8 million Series A financing, led by Armory Square Ventures and joined by Pritzker Group. RiverPark Ventures and Contour Venture Partners also participated in the round, and Machinery Partner raised follow-on investments from previous investors Euclid Ventures, One Way Ventures and Techstars Ventures. Pacific Western Bank provided an additional $3 million in venture debt.
Cazalot says Machinery Partner aims to become the “Amazon of industrial equipment” by taking care of “the whole transaction end to end, to help industrial brands to move more equipment to the ideal customers.”
Machinery Partner has built a platform where factories can list the equipment they want to sell, Cazalot said. The company then helps customers find, finance, learn to use and maintain the machinery.
“Think, like, if Wayfair was starting to not only mount your furniture, but also come and take care of them,” Cazalot said.
Cazalot said its ideal customers are $2 million to $20 million-a-year businesses in the building world, such as general contractors or demolition companies.
Cazalot previously built two companies, but this is his first venture in the construction world. The chief executive said his family’s experience in the industry led him to co-found Machinery Partner. His grandparents were equipment dealers, and his great grandparents worked in mining.
“I kept coming back from our beautiful Boston ecosystem to go to the real life of the blue-collar world, and seeing that Boston moves really fast and where I come from, nothing had changed since I was born,” Cazalot said.
Cazalot said he has seen how companies looking to grow their businesses are often limited by the availability of construction material and equipment in their local market. He hopes Machinery Partner can help unlock that growth by giving them access to machinery from around the world, and the support to buy and use it.
Machinery Partner takes a portion of the transaction to handle the supply chain, logistics and fulfillment on the seller end, and to manage training, support and operation for customers. Cazalot declined to comment on the company’s revenue.
Machinery Partner operates in 35 states and plans to expand throughout the country and internationally with its new funding.
The company has 30 employees, Cazalot said, with about half based in Boston.
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