US rental software business raises US$9m

Renterra, a US business that provides a software platform for equipment rental businesses, has raised US$9 million in a financing round led by private equity firm Avenue Growth Partners and involving existing investors.

The funding will support its expansion, allowing it to employ more staff and invest in technology. It said its aim is to bring “practical AI to the equipment rental industry as it scales across North America.”

The technology firm said its “all-in-one” operating system is used by hundreds of rental companies in the US and Canada, supporting hundreds of millions of dollars in rental transactions annually.

“This investment gives us the fuel to move even faster and think even bigger,” said Andy Feis, co-founder and CEO of Renterra, “Rental businesses are the backbone of construction, infrastructure, and local economies, yet they’ve historically been underserved by technology.

“We’re building the platform that will define how this industry operates for the next decade, with AI playing a practical role in helping rental companies win. We’re excited to partner with Avenue Growth Partners and our existing investors as we scale.”

Avenue Growth Partners said it was experienced in helping “high-potential vertical software companies become category leaders.”

Ryan Russell, co-founder and partner at Avenue Growth Partners, said; “The team’s combination of industry expertise and modern software positions Renterra to become foundational to the rental industry, especially as AI becomes an increasingly important driver of competitive advantage.”