Aucto Raises Seed For Industrial Assets...

news.crunchbase.com
2 min read
fairly difficult
Jamil Rahman, founder and CEO of Aucto, discusses the ways the pandemic impacted the industrial supply chain through economic and supply chain disruptions and the curtailment of live auctions, and how the startup plans to address the challenges.
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Most of us will never be in the market to buy or sell a moderately used welder's cart, engine lathe, or 40-ton hydraulic jack.

If we were, however, we'd likely encounter a corner of the industrial supply chain rife with inefficiency and waste–the kind of area that could use a startup's fresh perspective for reinvention.

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That, at least, is the impression one gets from a conversation with Jamil Rahman, founder and CEO of Aucto, a startup marketplace for buying and selling used industrial assets. The company disclosed that it has raised $3.7 million in startup funding from venture firm NFX, the largest venture stakeholder, along with Motivate Venture Capital and individual investor Jack Greco.

The company runs online auctions for portfolios of industrial assets, with a particular focus on manufacturing equipment. It markets its platform to government…
Joanna Glasner
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