DES MOINES, Iowa, Sept. 12, 2018 /PRNewswire/ -- Tractor Zoom, a Des Moines, Iowa-based online marketplace that connects farm equipment auctioneers and buyers, has completed a $1 million seed investment round. Innova Memphis, an early-stage investment firm that focuses on starting and funding high-growth companies in the biosciences, technology and agtech fields, participated in the round along with Ag Startup Engine and a small group of angel investors.
"The agriculture and heavy equipment industry are ripe for innovation, and we liked the Tractor Zoom team's perspective on the industry and their proven ability to bring creative solutions to market," said Ken Woody, President of Innova Memphis. "The team is attacking the gaps in knowledge and accessibility when it comes to farm machinery with an energy that I find inspiring."
Tractor Zoom is a platform for auctioneers to list and advertise farm machinery auctions, while providing buyers an easy way to search and browse farm equipment for sale at auction. Tractor Zoom launched their mobile application in November of 2011, and web application in February 2018.
"The Tractor Zoom team is honored to be able to work with such great customers in the auction and agricultural communities," said Kyle McMahon, CEO of Tractor Zoom. "With this fundraise we'll grow our team, expand our geographic footprint in North America, and release products for other key players in the ag industry, bringing the equipment buying and selling experience full circle."
Approximately 70% of farm equipment auctions globally take place in the U.S., and Tractor Zoom is strategically headquartered in the middle of the Midwest Corn Belt. The company plans to enter other heavy equipment markets before going outside of North America.
About Tractor Zoom
Tractor Zoom is a platform that aggregates farm machinery auctions from multiple auction houses. Tractor Zoom makes it simple for farmers to browse and search farm equipment for sale at auction. Users can view all upcoming farm equipment auctions and their inventory on tractorzoom.com, or by downloading their free app from the Apple App Store or Google Play Store.
Tractor Zoom, Director of Marketing
SOURCE Tractor Zoom