Goodshuffle, which builds software for the event rental and production industry, has raised $5 million in a Series A funding round from FINTOP Capital.
The global pandemic has “decimated much of the events industry,” CEO Andrew Garcia told TechCrunch. But Goodshuffle's user base, made up of smaller companies that rent items like tables, chairs, tents, decorations and linens, ended up being “very resilient.” I did.
“Many of them have survived and been able to continue providing temporary infrastructure for COVID-19 testing facilities, for example,” Garcia said. “And if events are still going to take place, we need to be outdoors, so some people have started side businesses making and renting personal protective equipment.”
Goodshuffle also had just introduced what Garcia calls “wishlist integration.” It is similar to the Shopify plugin that allows businesses to connect their inventory and products to their website, like a virtual showroom. Customers can browse inventory, add items to their shopping carts and make reservations virtually, which has “been a lifesaver for many of our customers,” Garcia said.
Overall, the Goodshuffle Pro vertical SaaS tool includes a single dashboard for rental and event production companies, allowing them to manage invoices, contracts, schedules, and payments from one place, allowing them to manage their inventory. Track, automate sales, and streamline your growth.
The idea came from Garcia's early career renting gear when he was a disc jockey in college. Then in 2015 he collaborated with Erik Dreyer to create his online marketplace for rentals. This idea was later expanded into his Goodshuffle Pro with the addition of founding team member Karen Gordon. They launched Pro in his 2018.
Garcia declined to release revenue growth metrics, but said the company has several thousand customers. Now, with a new $5 million infusion of capital, the company plans to hire additional people and build out Goodshuffle Pro, along with some new features that Garcia hasn't yet revealed.
“We've gotten to the point where we know we have a very clear vision of what we want to build and who we need to build it,” Garcia said. “We found the right partner in FINTOP Capital who understands our clear vision of where we are going. His $5 million will help us execute that vision faster. It's the culmination of that moment to be able to attract the strong talent that we have here.”