May 26, 2022

Cameras, lenses, and lighting equipment can cost millions of dollars for relatively modest production. Renting is often the name of the game, but navigating through a listing of appliance rentals can be tricky. BoxedUp is redefining space and creating a rental marketplace—Turo or Airbnb for video equipment, if you like—where equipment owners can list their equipment for rent.

The company model works by bringing lists of individual owners, local rentals and manufacturers together, giving content creators access to equipment, and providing owners with a national platform to monetize equipment. For now, the company is only focused on the US, but the investment will upgrade fulfillment capabilities, allowing BoxedUp to offer same-day shipping in major markets.

“This funding will allow BoxedUp to focus on expanding the capabilities of our platform, allowing us to better serve our customers, brands and local rental locations in the United States,” said Donald Boon, CEO and founder of BoxedUp, in the funding round. Said about. I Company recently closed for $2.3 million with funding from Slawson & Company, Kolab Capital, Black Capital and Outlander VC. “We plan to take this opportunity and expand our team by bringing in additional technical talent and operational experience.”

“The BoxedUp team is fully equipped to meet content creators where they don’t suffer from equipment ownership and logistics, helping equipment owners manage their underused inventory,” explains Ajay Rilen, Managing Director Partner of Slosson & Co. easy way to monetize. The mindset behind the investment. “We are excited about this intersection of the producer economy and the sharing economy and look forward to supporting the vision and platform expansion.”

The company originally started as a rental company specializing in camera kits for video conferencing, virtual events and similar use cases.

“We responded quickly to several questions from customers. The pandemic was in full swing and the mainstream media was really wrestling with the idea that all of our talent is now scattered around the world. And by the way, they have really crappy cameras,” explains Boon. “I tried several camera kits and they looked great. A friend suggested that I introduce these sets to the mainstream media. The first company we sold was Blavity. And then we picked up NPR, Amazon and Google, and it went pretty fast. ,

BoxedUp faced a market where traditional players were not responsive to customer needs; High-end Hollywood productions have their equipment rental systems, but for the huge long tail of small to mid-sized producers, there was nothing like the ease of use that the rest of the Internet was used to. As soon as the company gained momentum, the snow began to fall.

“Do you do documentary work? Do you have anything to make it easier to rent documentary equipment,” Boone recalls when questions come in. Only to find out it’s actually pretty pathetic. At the moment, these are all email transactions. An operator or videographer records something in the Notes app on their iPhone and sends it to a rental shop. Sometimes they DM people.

The creation of a marketplace was an obvious next step in facilitating such leasing.

“We found A $10 billion opportunity where owner-operators rent things out via Instagram and the rental shops still use really old websites,” Boon said. “We think we had the opportunity to become a technology platform, a marketplace. Equipment owners don’t want to deal with technology, they are artists. ,

Initially, the company kept its equipment and partnered with manufacturers who sent them their unopened boxes or cosmetically damaged items. The company will pay the rent on their behalf. Of course, high-end hardware is expensive, and the company decided it made more sense to take hardware that sits idle most of the time and equip creators who need access to quality video hardware with it.

“Instead of spending $30,000 to buy cameras to rent one at a time, we can instead create a platform to bring people together. past This camera is $30,000. So we’ve moved to real-time, and that’s all we had during COVID, but now all of our market penetration is empowering local family-owned rentals and individual owner-operators,” Boon says.

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