We’re proud to announce that we’ve raised and additional $35 million in venture-capital funding!
This latest round of funding, led by OpenView (Datadog, Instructure, Workfront), with additional investment from new investor 8VC (Wish, Oculus, Freightwaves), and existing investors Emergence Capital (Salesforce, Veeva Systems, Box, Zoom), eBay founder Pierre Omidyar’s firm Omidyar Technology Ventures (Convoy), Chicago Ventures (SpotHero, G2 Crowd), and Pritzker Group Venture Capital (Cleversafe, Fleetmatics). We could not be more proud to have the backing of such outstanding, forward thinking firms, and see their guidance as crucial to our continued success moving forward.
This is the start of a pivotal, revolutionary time for the trucking and logistics industry. Gartner analysts are predicting that the market for supply chain software will pass $19 billion by 2021. The technology being created right now is replacing outdated, inefficient practices that have been limiting industry capabilities and causing poor experiences across the supply chain from shipper to customer. This new era will see better visibility across the full shipment workflow, increased communication among supply chain partners, and a powerful influx of dynamic data to create efficiency and drive customer experiences. The industry is developing at a rapid pace, and we are excited and determined to lead the charge.
The Road to this Milestone
We’ve come a long way since our humble beginnings in an office the size of a closet. Over the past few years we’ve seen our initial investments of $10.5 million blossom into our current round, giving us a total capital raised of $48 million. Our valuation has grown to over $100 million, and our revenue increased more than five times throughout the course of 2017. One year ago we had around 30 team members, which now sits around 80 and continues to grow each week. We’ve expanded our visibility solutions from LTL to TL, Volume LTL, and rail, with Parcel and Ocean on the near horizon. It has been an whirlwind and an exciting ride, and it’s only getting started.
The Road Ahead
With this additional financial backing, we will continue building out the best team in logistics technology, which includes the city’s largest team of logistics tech engineering and development professionals. We are planning to hire on an additional 200 team members in our Chicago office, and we’re extremely proud to bring more jobs to a city with such a rich history in both technology and logistics.
We’re going to change the trucking and logistics industry for the better. We’re creating a better experience for our customers and their customers alike, and we’re creating new levels of efficiency that can be seen across the entire supply chain. This funding is going to help us get there faster and more efficiently.
Building solutions that allow companies to communicate more efficiently, and helping them achieve supply chain visibility and leverage logistics data is both important and necessary. We believe these solutions are capable of having an overwhelming positive impact on one of the most vital industries in the world. We extend our thanks and gratitude to OpenView and Omidyar Technology for their support.