Moov, a data-fueled marketplace for used manufacturing equipment, has raised $41 million in Series A funding round led by Tiger Global.
Other notable investors joining the round are public semiconductor investor Gavin Baker of Atreides Management, Valor Equity Partners, Avenir Growth Fund and existing investors, Moov said.
Moov will use the venture capital funding to expand presence into other semiconductor hubs such as Austin and New York and their global presence in China, Taiwan, South Korea, Japan and Europe. Moov will also hire executives, invest in research and development, purchase inventory and examine merger and acquisition strategies with other key industry players.
“This round of funding will allow Moov to achieve critical mass and propel us to beyond $1 billion in gross merchandise value in the next several years,” said Steven Zhou, co-founder and CEO of Moov. “Moov has hundreds of buyers and sellers, yet there are still roughly 10 million factories globally with unmet equipment needs and surplus equipment for sale.”
