ShareGrid, the US-based marketplace for sharing, buying and selling film and photography equipment, has acquired the UK’s BorrowFox as part of its international expansion plans.
BorrowFox operates a peer-to-peer movie and camera rental community that allows people to rent their underutilized equipment. ShareGrid He says he hopes to launch in the UK in 2020 (where he will compete with the likes of Fat Lama).
Terms of the agreement remain undisclosed, although I understand that ShareGrid is acquiring all of BorrowFox’s assets directly. The two companies are not disclosing whether it was a cash or stock deal or a mix of the two, or who the BorrowFox investors were.
In the meantime, I was told that BorrowFox founders Arthur Pierse and Alastair Woods will not be joining ShareGrid.
In the United States, ShareGrid allows users to rent film and camera equipment from each other, including motion picture cameras, stills, lenses, audio equipment, drones, lighting equipment, gimbals, and other accessories, as well as studio spaces, production locations and vehicles.
The idea behind the service is to help creatives access world-class equipment with lower rental rates and earn income from their unused equipment. The company also offers a buy and sell service, personalized production quotes, and instant insurance, acting as a “one stop shop” for filmmakers, photographers and production professionals.
After the acquisition, ShareGrid says it will host more than 100,000 users, with more than $ 1 billion in film and camera equipment available on its combined platform. Once the acquisition is complete and ShareGrid has been launched in the UK, existing BorrowFox members will be asked to transfer their account to ShareGrid.
“At ShareGrid, our mission is to enable all filmmakers and photographers, regardless of their background, budget or location, to have access to cutting-edge and affordable equipment,” says Marius Ciocirlan, ShareGrid co-founder and CEO in a statement. “We see the BorrowFox acquisition as an exciting opportunity to enter the UK market and build on a company that has had a similar vision from the beginning.”
