Dubai-based heavy equipment management platform Tenderd has raised $30 million in a Series A round led by Denmark’s A.P. Moller Holding, the parent company of A.P. Moller Group, which owns the world’s largest container shipping company Maersk, and many other businesses.
The round was also joined by new investors; London-based B2B SaaS VC Quadri Ventures and Saurya Prakash, a product leader at Stripe. Existing investors including Wa’ed Ventures, Nakhla Ventures, Soma Capital, and Liquid 2 Ventures also participated in the deal.
Tenderd previously raised $5.8 million in 2019 in what was the largest seed round of the region at the time, from Y Combinator, Beco Capital, Paul Graham, Peter Thiel, and a few other investors.
Founded in 2018 by Arjun Mohan, Tenderd started as a marketplace for rentals of heavy equipment like dozers, excavators, cranes, rollers, and trucks. It later pivoted into a SaaS platform, offering companies end-to-end management of their heavy equipment and machines. Its software helps companies collect and unify data on machines on one platform to automate operations, reduce carbon emissions, and cut costs.
Tenderd’s solutions allow businesses to continuously monitor the location of their equipment, access detailed vehicle statistics and historical data, prevent breakdowns through predictive maintenance alerts, and reduce fuel costs and CO2 emissions by tracking fuel usage.
A statement by the startup noted that its platform “transforms data from heavy equipment used in construction, manufacturing, and logistics operations into actionable insights. Tenderd’s telematics platform provides project owners and contractors access to a tracking system powered by AI, enabling them to increase overall equipment productivity by tracking and running equipment more effectively, resulting in increased efficiency, enhanced safety, and lowered emissions.”
The startup currently has operations in UAE & Saudi Arabia, and works with over 300 companies in the world.
Arjun Mohan, founder and CEO of Tenderd, commenting on the occasion said that the company will “continue to innovate and grow, impacting sectors that have remained unchanged for decades, but which form the pillars of society. Positioned at the intersection of the digital and physical worlds, our technology allows industries to access unparalleled levels of efficiency, safety, and sustainability.”
Chetan Mehta, Head of Growth Equity at A.P. Moller Holding, said, “Tenderd is a leader within telematics solutions with a platform that offers real-time visibility and insights for heavy equipment across a range of industries. Their solutions enhance operational efficiencies, improve safety, and mitigate carbon emissions. We are excited to be investing in Tenderd and we look forward to contributing to their continued growth.”
The startup plans to use the latest to further expand its global footprint and take its mission of integrating AI with physical operations in the construction, mining, and industrial sectors, forward.
“The backing from partners across logistics, ports, energy, construction, and technology underscores the broad applicability of Tenderd’s technology and its unique global position within sector-specific data to develop industry-focused AI models, setting Tenderd apart from general models in driving industry transformation,” stated the company in a statement.
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