Online crane rental and sales platform Mycrane has secured $50 million in fresh funding, a major milestone that will allow the DIFC-backed company to expand its physical stock of mobile and tower cranes while growing its reach across high-demand markets in the GCC, Africa, India, and beyond.
The announcement was made during a press conference in Dubai, where CEO Andrei Geikalo revealed that the investment will support a three-pronged strategy: expanding the platform’s core rental user base, accelerating its global trading vertical, and ensuring immediate equipment availability through strategically held stock.
“The core product has always been the rental platform. Today, we have more than 3,000 active users — these are B2B companies and direct buyers,” said Geikalo. “We serve them better now by introducing the marketplace, where they can buy online if needed. Trading is just an additional service. If you need a crane immediately, you can come, inspect, and buy. We’re not changing direction — we’re simply adding more services.”
Timing the Market
Geikalo said the company’s decision to formally launch its crane trading business aligns with a surge in regional demand. “We are launching trading at exactly the right moment. The UAE is booming, Saudi is booming, India is booming, Africa is booming —these are our target markets.”
While sourcing will primarily be from markets where demand is lower — such as Europe and China — sales activity will be concentrated in regions with strong project pipelines and infrastructure investment.
“We are not going to sell in Europe because the market is low. We are not going to sell in China because it’s overloaded with idle cranes. So we buy from there and sell here. There is a clear strategy behind this.”
Geikalo believes Mycrane’s ability to balance supply from oversaturated regions with demand in growth markets is central to its value proposition.
“We help sellers in slow markets to offload equipment, and buyers in booming regions get immediate access. This is the advantage of being global.”
Growing Footprint, Expanding Markets
Mycrane’s ambitions extend far beyond the UAE. While the platform is headquartered in the Emirates, it currently operates in the UAE, India, and Saudi Arabia. Expansion into the US, Canada, Germany, the UK, and several APAC markets is planned for 2026.
“When it comes to the rental platform, we’re focused on India and Saudi Arabia—these are the two biggest emerging markets in our part of the world,” he said. “When it comes to trading, there are no borders. We are in a free zone and can ship to anywhere—Brazil, Africa, wherever there is demand.”
To enable this flexibility, Mycrane will use the new funding to secure physical stock—starting with tower and mobile cranes—to be held in Jebel Ali and other logistics hubs.
“We are investing heavily to ensure immediate availability. Some equipment will be in the yard, some on the way, and some in the process of being purchased. This way, we reduce lead times and give customers certainty.”
From Mammut to Mycrane
A mechanical engineer by training, Geikalo spent 13 years at heavy-lift giant Mammoet, including time as Sales Director.
“Sales is in my heart,” he said. “I worked in project business, and now we are still involved with projects through crane engineering and operations. But there’s also the ‘taxi’ business—smaller-capacity cranes for quick jobs—and this is a much bigger market than project-based rentals.”
He said the launch of the trading arm was a natural next step: “If you have the buyers already, why wouldn’t you offer them the equipment?”
Geikalo views the global crane industry as ripe for disruption, with inefficiency, poor transparency, and outdated processes frustrating buyers and renters alike.
“There are hundreds of thousands of people in this business suffering from inefficiency and intransparency,” he told CMME. “That’s what keeps me up at night — wanting to help them, to save them from the grey hairs caused by this industry. That’s my mission.”
