Exclusive: Ecotrak raises $30M for expansion
- Kimberly Chin, author ofAxios Pro: Retail Deals
Illustration: Tiffany Herring/Axios
Ecotrak, a facility management software platform, has raised $30 million to expand the business, CEO Matt Singer tells Axios exclusively.
Why it matters: The funding shows how retailers, restaurants and grocers seek tech to improve the flow and tracking of their equipment.
Zoom in: Private equity firm Respida Capital led the round, with Carver Road Capital and existing investor Gala Capital Partners also participated.
- The Irvine, Calif. company counts Inspire Brands, Flynn Group, Dutch Bros Coffee and Dave & Buster's as customers.
How it works: Ecotrak aims to automate repair and maintenance workflows by providing detailed information on a company's equipment.
- This kind of tracking can ensure items are fixed on time and warranties are utilized.
- "It becomes really challenging across your portfolio locations to track every piece of equipment and all of the data associated with it," Singer says.
What's next: Ecotrak will use the funds for product development.
- With predictive analytics, companies can understand how often a piece of equipment is breaking down and when is the right time to replace the equipment versus continuing to spend money to repair it, Singer says.
- The company is also in healthcare and automotive repair, and it is looking to expand into other industries over the next 18 months, Singer says.
Zoom out: "Knowing the details at a granular level of every piece of equipment inside that business really does move the needle," Respida Capital's James Zubok says.
- Companies are typically operating on thin margins, so understanding what's going on with their equipment can potentially save on maintenance costs, repairs and replacements, on top of being able to leverage savings through warranties, he adds.