About the Startup Company
Moov is an online marketplace business for people to buy and sell used manufacturing equipment and tools. It essentially acts as Facebook Marketplace, Craigslist, or LetGo, but specializes in manufacturing tools and equipment.
According to the business website, there are over 7,000 verified listings on the site from over 1,000 original equipment manufacturers, or OEMs.
Venture capital firm NFX, Mark Cuban, and Flatiron Health co-founders Zach Weinberg and Nat Turner are all investors in the startup company, among several others. Mark Cuban’s website features the marketplace business and claims that all listings on the marketplace are verified within 120 days to ensure accuracy and availability. In addition, users can buy or sell manufacturing equipment in under five minutes.
To date, the startup company has raised $4.4 million in funding. Roughly half of that funding came from a recent additional $2 million investment from Mark Cuban, NFX, and the Flatiron Health co-founders.
General Partner at NFX, James Currier, said in regards to investing in the startup company, “After working with Moov for two years, it's clear they are not only improving existing transactions, but also revealing latent supply and demand to actually expand their market. For pre-owned high tech manufacturing equipment, this is a $100B+ opportunity.”
In response to the additional financing for the business, Steve Zhou, co-founder and CEO of the marketplace business, said, “We're humbled by the votes of confidence from these notable investors and entrepreneurs...Now, more than ever, the secondary equipment market provides a vital solution to enable U.S. and global manufacturers to quickly scale production and respond to growing chip shortages, while creating a liquidity channel when surplus capacity is no longer needed.”
Moov is an online marketplace startup company for users to buy and sell used manufacturing equipment. In a time when manufacturing can be a difficult task, the marketplace business makes it easier, faster, and more affordable for entrepreneurs and business owners to scale operations. With the additional $2 million investment from big-name investors, the startup company will be able to scale its own business operations and reach a wider audience.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.