The Shed, a rental platform founded by Karen Rodgers O’Neil and Daniel Perrone, has received a direct investment from Silver Falcon Capital, a company established by former NASCAR Chairman and CEO, Brian France. This investment is a significant milestone in The Shed investment NASCAR Chairman’s Fund has undertaken. The Shed, initially focused on storing and renting used items from one consumer to another, has since pivoted its business model, partnering with product manufacturers to rent out tools and other items to customers. With the new investment, The Shed plans to expand to Portland, Oregon, and other markets in Florida in 2021. The company also received investments from two angel investor groups in Virginia three months ago.
Introduction
From Richmond Times-Dispatch By
Startup Investment
Daniel Perrone and Karen Rodgers O’Neil are co-founders of The Shed, which has shifted to a different business model since its creation by partnering with product manufacturers to rent tools and other items to customers. 2019, Joe Mahoney/Time-Dispatch
Investment Details
The Shed, a rental platform founded by entrepreneurs Karen Rodgers O’Neil and Daniel Perrone in 2018, said Monday it got a direct investment from Silver Falcon Capital, a Charlotte, N.C.-based firm founded by former NASCAR Chairman and CEO Brian France.
Business Model Shift
The company, which rents products through its website ished.com, has pivoted its business model since it was founded. It initially stored and rented used items from one consumer to another as part of what’s often called the “sharing economy.”
Expansion Plans
With the Silver Falcon Capital investment, The Shed is planning an expansion to Portland, Ore., and additional markets in 2021 including in Florida, said O’Neil, the company’s co-founder and chief marketing officer.
Future Growth
“We are considering a second location in Richmond sooner rather than later,” O’Neil said. “What we found this past year was people love to come to The Shed to pick up their products. Because people love to come and see all that we have, we are now moving to storefront locations.”
Investor Groups
The investment comes about three months after two angel investor groups in Virginia announced they were putting money into The Shed.
Positive Feedback
“We really like that [The Shed] is opening up a new shopping channel,” Tate said. “It is a new channel of retail. It services a lot of needs.”
Question & Answer
Who are the founders of The Shed?
The Shed was founded by Karen Rodgers O’Neil and Daniel Perrone.
What kind of investment did The Shed receive?
The Shed received a direct investment from Silver Falcon Capital, a company established by former NASCAR Chairman and CEO, Brian France.
What is the new business model of The Shed?
The Shed has shifted its business model to partner with product manufacturers to rent out tools and other items to customers.
Where does The Shed plan to expand in 2021?
The Shed plans to expand to Portland, Oregon, and other markets in Florida in 2021.
