Tractor Zoom, an Urbandale-based auction marketing and equipment pricing company, has raised $3 million in Series A funding to scale its transparent pricing and analytics platform, Iron Comps.
Innova Memphis, Hyde Park Angels, Iowa Corn Opportunities, ISA Ventures, Ag Ventures Alliance, Ag Startup Engine and several strategic angel investors joined the round.
The company’s software solution, Iron Comps, tracks used equipment transactions and helps people transparently price used farm equipment. The technology provides users with real-time comparable sales helping with data-driven decisions as markets change to ensure a fair transaction for both buyers and sellers. Actively monitored lists deliver a new level of speed to processes that were historically very manual.
Since founding in 2017, the company has partnered with more than 450 auction companies to help market over 6,300 farm equipment auctions to an audience of more than 225,000 equipment buyers in the United States.
“We’ve consistently been asked ‘what did that sell for?’, since first marketing auctions in 2017. That’s been the driving force behind building and evolving Iron Comps,” said Kyle McMahon, Tractor Zoom founder and CEO in an announcement. “Equipment dealers and financial institutions from across the country are using Iron Comps’ transparent equipment valuations to drive ROI, increase margin and reduce risk. This fundraise allows us to invest in opportunities within our data and scale to other customer segments such as farmers, equipment manufacturers and insurance companies. Most people don’t recognize how volatile equipment prices can be. We are going to continue to invest in our technology so they can make the best data driven decisions possible.”
Tractor Zoom currently has 12 full-time employees and has 4 positions immediately available in software engineering, marketing, and customer success.
Tractor Zoom last raised a $1.5 million round in July of 2019, along with a $1 million seed round in September of 2018.
Tractor Zoom raises $1.5 million -July 16, 2019
Tractor Zoom completes $1 million seed investment round -Sept. 4, 2018
Innova Memphis invests in Iowa companies as it expands its focus to agtech -Nov. 14, 2018
Tractor Zoom: An app to hear about farm equipment sales and auctions -Nov. 27, 2017