Dozr, which has developed an online marketplace for construction equipment rentals, won all of the $100,000 prize money at Demo Day for Communitech’s Rev accelerator on Tuesday.
The Demo Day featured companies from the second and third cohorts of Rev, the accelerator that helps companies with traction gain increase their sales. Though Dozr is a member of the third cohort and began the program only in February, it captured all the prize money available and topped companies from Cohort 2 that had completed the program.
“We are truly honoured to have won the Communitech Rev Demo Day,” Co-Founder Erin Stephenson said in an email. “We are really proud of what we have been able to accomplish at Dozr and this award is validation of that. Of course the $100,000 is a huge bonus!”
Dozr is an online peer-to-peer marketplace in which a contractor needing a certain piece of equipment can rent it from another contractor, who’s not using it at the time. The two parties agree on the price and Dozr gets a commission. As well as providing the platform, Dozr helps the parties by providing contracts that nail down the length and terms of the rental, and taking care of the payment process. There is also a rating system so customers can see evaluations of people on both sides of the transaction.
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The co-founders, Stephenson, and brothers Tim and Kevin Forestell, established their business as a result of their own pain. For several years, they have operated Forestell Designed Landscapes in Guelph, and had to finance several pieces of equipment, even when they were sitting idle. So they came up with a second company that would solve the pain for themselves and many in construction and other industries by allowing owners of equipment to rent from one another.
The company went through the Google for Entrepreneurs Program at Communitech last year and was accepted into Rev earlier this year.
“The Rev program has helped us to really hone our sales process and we've seen immediate results from that,” said Stephenson. “For example, our user base has grown by 45 percent over the last three months since joining Rev.”
There was no lack of competition at the Demo Day, which was held in Toronto in conjunction with the annual conference of Canada’s Venture Capital & Private Equity Association. The pitching included presentations by companies like Knowledgehook (which earlier this month won Google’s Game Changer Award at the tech giant’s annual Demo Day in Silicon Valley), BitHound, and FunnelCake.
It was the second Demo Day for Rev. Last September, at the first event, Nicoya Lifesciences, whose OpenSPR product reduces costs for scientists developing drugs from proteins, captured the $50,000 first prize. Two companies tied for second place worth $25,000 each: Bridgit, which has developed an app that aids communications on construction sites; and Piinpoint, a data analytics outfit that helps companies find the optimal locations for their outlets.