24 Apr 2024
While Austin may not quite be a huge logistics tech hub, it’s certainly becoming one with startups such as uShip, Convey, Shipwell and ShipStation using sophisticated software to get things from Point A to Point B faster and more efficiently.
Now Arrive Logistics, one of the local leaders in the freight logistics space, is ready for a big leap forward, fueled by a new $25 million Series B funding round led by its mainstay investor, Lead Edge Capital. The company plans to spend the new money on new hires and advancing its freight shipping, monitoring and brokerage logistics software.
The startup was founded in 2014 by CEO Matt Pyatt and President Eric Dunigan, and it raised a $10 million Series A in June 2018. It uses matching algorithms to pair shipping companies with businesses that are looking to get their products to new places. It had 10 employees in 2014, and has since grown to 800, with its headquarters in Austin and offices in Chicago and Chattanooga, Tenn. It expects to reach $600 million in revenue in 2019, and it anticipates growing its team to about 1,000 employees.
It currently has 35 openings listed across its three offices.
Lead Edge Capital General Partner Nimay Mehta, who is also an Arrive Logistics board member, said the company is on track to become a market leader in freight brokerage.
“Since our first investment in Arrive Logistics last year, our conviction in the team and go-to-market strategy has only increased and we believe they are building something unique,” Mehta said in a news release. “Our confidence is supported by Arrive Logistics’ strong load growth performance as well as improved broker productivity and healthy gross margins.”
Last year, Arrive Logistics leased a 78,000-square-foot space that’s spread between two buildings in MetCenter near the airport.
Original article posted here: https://www.americaninno.com/austin/funding/arrive-logistics-lands-25m-series-b-and-projects-600m-in-revenue/
