Graze

About the offering

Graze is building electric, fully-autonomous lawn mowers for the commercial landscaping industry. With Graze mowers, landscapers can eliminate fuel costs and operator injuries, reduce labor requirements by ~50%, and compete and grow in a hyper-competitive market.Graze has signed Letters of Intent from LandCare and Mainscape, 2 of the top 15 commercial landscaping companies in the US. These LOIs outline the potential purchase of 400 mowers, which could represent $36 million in revenue for Graze.*Graze is working directly with LandCare and Mainscape to bring the Graze mower to market. Collectively, LandCare and Mainscape operate ~1,400 mowers across the country and are growing every year. We project this could represent $126 million in gross revenue every 5 years.The $54 billion commercial landscaping industry in the US is a very manual, low-skilled, and low margin sector. Mowing is one of the lowest margin services offered, with labor accounting for about 45% of gross revenue. The best companies in the industry generate only ~10% margins from mowing as rising wages and labor shortages drive costs up and heavy competition drives prices down.Graze believes the introduction of an electric, self-driving mower to the market will be highly disruptive. With Graze, landscapers may reduce 4-5 person teams to 2 people, eliminate fuel costs, increase operating margins, and win new business by undercutting competitors, if desired.Many hardware and equipment manufacturers suffer from “one and done” customer purchasing. This is not the case in landscaping. Commercial landscaping and maintenance companies regularly purchase new equipment at the end of useful life spans (i.e., every 2-5 years). Because of this, Graze has the potential to have meaningful and predictable recurring revenue.

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