RICHMOND, VIRGINIA | JANUARY 25, 2021
The Shed, a RIchmond-based company that is transforming the product rental industry, announced today that it has received funding from 757 Angels and CAN (Charlottesville Angel Network). The funding will be used to fuel growth of The Shed rental commerce platform, open new locations and expand the management team. The Shed is a rental marketplace that enables manufacturers to participate in the expanding rental economy by stocking products ranging from tools and lawn equipment to party and event supplies to recreation gear.
“757 Angels members are excited to support The Shed’s growth. The Shed aligns well with surging e-commerce and rental trends and is positioned to provide value to users and manufacturers,” explained Monique Adams, 757 Angels Executive Director.
757 Angels has been recognized as a Top 10 Group in North America and is a network of over 130 business and community leaders in the Hampton Roads region. Members provide investment capital, strategic advice and mentoring to selected startup and early-stage companies to help them achieve market leadership. The Shed was one of 3 companies selected from more than 50 applicants to participate in 757’s funding cycle in late 2020.
Daniel J. Perrone, The Shed CEO and a Richmond serial entrepreneur, said, “We’re grateful to add 757 and CAN to our growing list of Virginia-based investors. The $200 billion product rental industry is ripe for disruption. We are building a solution that addresses consumer demand for access over excess by bringing manufacturers into the solution. It’s working.”
Manufacturers such as Stanley Black & Decker, Segway, Powerboss, SANY and Bluebird are leveraging The Shed platform to create a new rental revenue channel. The Shed brings partner products into a local facility and manages the turn-key operation including inventory, logistics, marketing and repair /maintenance.
“CAN views the experienced leadership and attractive cost basis of its relationships with manufacturers as a recipe for success,” according to Craig T. Redinger, CAN Board Member and General Counsel. The Charlottesville Angel Network is a group of approximately 70 independent, accredited investors and family offices and is one of the most active angel networks in the United States.
The Shed currently serves customers in Richmond and Denver, Colorado. Perrone said the company is planning to expand with a combination retail-warehouse store format based on customer shopping preferences. “We’ll continue to offer delivery but we have found that our customers love how easy it is to pick-up what they need when they need it at The Shed,” Perrone explained. “It opens up even more opportunities for our manufacturing partners to connect with their customers.”
About The Shed
The Shed is disrupting the $200 billion product rental business with the first online rental marketplace that brings together product rental across categories ranging from tools and recreation equipment to party and medical and moving supplies. The Shed platform provides a contemporary, online customer experience, and opens a new commerce channel for manufacturers by allowing them to participate in the growing rental economy. The Shed currently serves Richmond, Virginia and Denver, Colorado with plans to expand in 2021. For more information visit http://www.iShed.com.