Moov, a data-fueled marketplace for used manufacturing equipment, today announced the close of a $2.4 million oversubscribed seed funding round led by NFX. Additional investors in the round include Tencent co-founder Jason Zeng’s Decent Capital, David Adelman’s Darco Capital, Great Oaks Venture Capital, and other notable angel investors.
The funding will be used to hire additional talent and further their expansion into Asia, one of the hottest markets for manufacturing equipment. While other companies have felt the sting of the U.S. trade war with China, Moov has successfully scaled by building strategic partnerships with the world’s largest semiconductor manufacturing companies and semiconductor equipment companies.
Moov offers prices for used equipment that are typically one-fourth to one-third the cost of a new machine, and transactions on the platform have already repurposed almost a million pounds of material destined for landfills.
“Manufacturing contributes about 20% of global carbon emissions, and despite being nearly 100% recyclable, only a small portion of tech waste is recycled,” said Steven Zhou, co-founder and CEO of Moov. “There are trillions of dollars of idle and surplus equipment in the world needing to be brought online through a channel like Moov.”
Moov is at the center of a hidden economy inside high-tech manufacturing. New equipment can cost anywhere from tens of thousands to tens of millions of dollars and is usable for 10 to 25 years. But today’s rapid pace of innovation means constant upgrades and leaves manufacturers with expensive pieces of equipment that are no longer relevant. Many companies, however, can still benefit from those devices that until now mostly sit idle on production floors or forgotten in off-site warehouses.
Moov’s real-time, self-serve marketplace matches buyers and sellers around the world, eliminating waste by placing used products back into the value chain. Moov’s software automates documentation, information sharing, and the entire transaction process, including contracts, payments, logistics and add-on services, allowing companies to buy and sell with ease. Manufacturers can recoup depreciation expenses from selling their used equipment, save both time and money by purchasing used equipment, and drive reductions in waste that help everyone. The entire industry experiences lower costs, reduced lead-time on orders, lower carbon emissions and decreased global waste.
Investor Perspectives on Moov Seed Funding Round
“We’ve seen the impact of network effects take many different shapes over the years. With Moov, we’re already seeing meaningful financial benefits for manufacturers,” said James Currier, Managing Partner at NFX. “We’re expecting reductions in electronic waste and carbon emissions over time as well, as companies realize the value of repurposed equipment. As Moov continues expanding, the benefits to all parties will only increase.”
“The current broker model for used equipment is heavily manual and filled with errors,” said Jason Zeng, founder and chairman of Decent Capital. “Moov’s automated platform is a huge leap forward in speed and accuracy. They’ve already secured valuable partnerships and are looking to grow quickly in Asia.”
Based in San Francisco, California, Moov is a technology-driven marketplace and asset management platform that matches buyers and sellers of pre-owned semiconductor manufacturing equipment. Built by a team with more than 30 years’ experience in the manufacturing equipment brokerage industry, Moov’s platform ensures accurate listings and faster transactions. To learn more, please visit Moov.co.
NFX is a leading seed-stage venture firm based in San Francisco, started by technology entrepreneurs who built 10 companies with more than $10 Billion in exits. They are experts in networks and marketplaces across multiple industries and geographies. To learn more, visit NFX at www.nfx.com and follow them @NFX.