Aucto enables sustainable buying and selling of business and industrial assets that may otherwise end up in landfills, with a digital platform that helps generate millions of dollars in value for enterprises with surplus capital assets.
San Francisco, Calif. – Toronto, Ontario – September 23, 2021 – Aucto, a pioneer in sustainable industrial supply chain management, announced today that NFX led the company’s recent $3.7 million seed round with marketplace veteran James Currier joining the company’s board of directors. Motivate Venture Capital also participated.
A Sustainable Supply Chain Strategy for Industrial Equipment
This new investment signals strong support for Aucto’s revolutionary platform that modernizes the recovery and reselling process for industrial assets such as machinery, equipment, and materials. Aucto’s innovative approach challenges the current auctioneering process in an online and mobile marketplace representing a $300-400 billion annual opportunity.
A significant increase in demand for products is straining manufacturers’ supply chains and creating widespread shortages for new equipment. This is pushing buyers to the second-hand market to meet their growing equipment needs. The Aucto platform enables companies to identify surplus assets across the enterprise and evaluate, redeploy and resell these assets on private and public marketplaces. The public marketplace connects sellers directly to buyers, allowing buyers in more than 70 countries to have the opportunity to buy directly from the world’s largest organizations.
“The current enterprise supply chain completely ignores how surplus and end-of-life assets are dispositioned,” said Jamil Rahman, CEO, and Founder of Aucto. “Aucto is able to provide a solution to address this process, providing a trustworthy, transparent, and efficient platform for buyers to source high-quality reusable industrial equipment while still shining a light on a better end-of-life process for assets. Sellers on Aucto are able to choose a more sustainable option for surplus capital assets that might otherwise end up in landfills.”
“The Aucto platform modernizes the buying, selling, and supply chain management of high-quality reusable industrial equipment, a more than $300 billion market opportunity ripe for innovation,” said James Currier, General Partner, NFX. “Aucto’s momentum is creating a network effect, accelerating greater efficiency, transparency, and sustainability to global industrial supply chain management.”
Aucto’s technology digitizes and automates asset classification, internal redeployment, buyer verification, invoicing, and payments and generates audit and compliance reports to quantify the positive impact of asset recovery efforts. In addition, organizations are able to control who and where assets are going to and build a more sustainable future by re-using and extending the longevity of their capital assets.
The platform supports a broad range of assets ranging from spare parts to entire manufacturing facilities that can be redeployed within an enterprise or sold to a global base of buyers, anywhere in the world. Companies that utilize the Aucto platform as part of their asset recovery strategy are looking to reach sustainability goals or recover value from surplus assets to directly improve their bottom line. Aucto’s unique platform provides organizations with control, transparency, and support throughout the asset disposition process and maximizes asset value by bringing motivated buyers to each sale.
Aucto’s buyers are located around the world and seeking to purchase high-quality industrial equipment and machinery at economical prices. They can browse, bid, and buy from thousands of available items, all within a few easy clicks on the platform. Buyers on the platform include equipment dealers and brokers looking to source inventory for their business as well as end-users looking to cut down lead times and get the equipment they need for their operations. Buyers can use the Aucto platform to interact with the enterprises selling their assets and purchase these assets directly from the owners without depending on a third party.
To learn more about Aucto or to begin selling on the platform, visit here.
Aucto is an enterprise platform that empowers organizations to manage and recover capital from surplus assets. The platform enables companies to identify surplus assets across the enterprise and evaluate, redeploy and resell these assets on private and public marketplaces. The public marketplace connects sellers directly to buyers around the world who are looking to source quality equipment, machinery, materials, and parts.
Headquartered in San Francisco and Toronto, the platform is being used in over 70 countries to help organizations achieve sustainability goals, meet compliance mandates, all while maximizing asset value.
VSC for Aucto