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Meet the 27-year-old former firefighter who left Goldman to build a used-truck marketplace that’s now valued at $225 million
Garage raised $41 million to help communities buy used fire trucks and sell surplus equipment to buyers across the country.
Brief
Garage, an online marketplace for used trucks and municipal equipment, closed a $41 million Series B led by Invus Opportunities, the company told Fortune. The round values the startup at $225 million and lifts total funding to $60 million. Cofounder Martin Hunt started the business after years in fire service and private equity. Before leaving Goldman Sachs, where he did private equity work, Hunt had spent years as a volunteer in his home department. A former engine from that department, which its board had hoped to sell for $30,000, went for $125,000 within days on the platform, Hunt said. Garage does not hold inventory, and more than 90% of its deals cross state lines, Hunt said. It takes a 10% success fee from sellers on buy-now sales and a 10% premium from auction buyers, and Hunt estimates it handles about 1% of the fire-truck market.
Why it matters: It shows how used municipal trucks can find buyers in other towns, which bears on how local agencies pay for replacement equipment.
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