Even if you’re an active photo or video creative, chances are that your gear will be gathering dust on a shelf at least part of the time. At the same time, other photographers and filmmakers are in need of equipment. If that sounds like a rather fantastic business opportunity, ShareGrid is way ahead of you, raising $1 million from Archer Gray and MHS Capital to grow beyond its test markets.
ShareGrid was launched in 2015 and has been making life easier for photo and video professionals in its two test markets, New York and Los Angeles. Picking up some big money from MHS (who have a history of shrewd early-stage investments) and some smart cash from Archer Gray (who are big in media production), the company is planning to launch its service in new locations throughout the U.S.
“As producers, we have experienced first-hand the inefficiencies and challenges of renting gear that ShareGrid’s platform solves,” said Vinay Singh, partner and head of Archer Gray Ventures.The company currently has more than $100 million worth of gear listed on its site, and counts 12,000 photo and video creators among its members.
The main selling point is similar to other sharing economy startups: Equipment owners see better utilization of their gear and are able to make some money in the process, while renters benefit from lower prices compared to the alternatives.
Along with the investment, ShareGrid is announcing it is launching ShareGrid Hubs, a number of central locations to meet and drop off/pick up equipment.