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Arrive Logistics Raises $25 Million for Expansion

19 Jun 2019
Category: News
Author: Evan Pundyk
Shape

Freight brokerage company Arrive Logistics announced June 18 that it has raised an additional $25 million for expansion.

Arrive Logistics opened a Chattanooga, Tenn., office last fall. In March, it announced plans to add 500 jobs.

This Series B equity financing was led by the company’s existing investors, Lead Edge Capital.

Founded in 2014, Arrive Logistics has grown to more than 800 employees with offices in Chicago, Chattanooga, and Austin, Texas. The company expects revenue of more than $600 million this year.

“We have doubled revenue for four consecutive years with our relentless focus on building the best team and technology in the domestic truckload market,” co-founder and CEO Matt Pyatt said. “We have done this by utilizing data to hire the right people, investing heavily in their training and retention as well as focusing our technology investments on what makes our team the most efficient in the industry.”

Pyatt said the additional $25 million will accelerate the growth of Arrive Logistics, which already was planning a $3.6 million expansion in Chattanooga.

“Arrive Logistics is committed to driving efficiency and scale through automation,” Pyatt said in an announcement of the additional equity. “The advancement of our proprietary technology will strengthen both customer and carrier partnerships and allow us to go above and beyond for our clients.”

Arrive Logistics ranks No. 44 on the Transport Topics list of top freight brokerage firms.

The latest capital infusion for Arrive Logistics is part of more than $300 million of equity capital raised in just the past year for the growth of trucking and logistics companies in Chattanooga’s freight alley.

A year ago, U.S. Xpress Enterprises, one of the nation’s biggest trucking companies, raised more than $250 million in a stock offering when the privately held company went public again.

U.S. Xpress ranks No. 21 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.

In February, Freightwaves, logistics data and information company founded by the brother of the U.S. Xpress CEO, raised an additional $21 million in equity to help boost the market value of the startup to nearly $100 million. Also June18, WorkHound, a software company that provides real-time employee feedback to the trucking and other industries, announced it raised its first $1.5 million in institutional seed investments.

The new investment from Lead Edge Capital in Arrive Logistics underscores the investor’s confidence in the growth of the freight broker industry, which already includes more than a half dozen other players in Chattanooga.

Lead Edge Capital is a growth stage investment fund with $2 billion of capital raised since inception with portfolio companies across the internet, software and consumer spaces — including Alibaba Group, Asana, Bazaarvoice, Duo Security, Spotify, Toast, TransferWise and Uber.

“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,” said Nimay Mehta, a general partner for Lead Edge Capital and an Arrive Logistics board member. “Our confidence is supported by Arrive Logistics’ strong load growth performance as well as improved broker productivity and healthy gross margins.”

While doubling in size every year, Arrive Logistics also has been named for three consecutive years as an Inc. Magazine Best Workplace.

Original article posted here: https://www.ttnews.com/articles/arrive-logistics-raises-25-million-expansion


Tim Denoyer,
VP and Senior Analyst at ACT Research

As VP and Senior Analyst at ACT Research, Tim analyzes commercial vehicle demand and alternative powertrain development (i.e. electrification), and authors the ACT Freight Forecast, U.S. Rate and Volume Outlook. He previously spent fifteen years in equity research focused primarily on the transportation, machinery, and automotive industries, and co-founded leading equity research firm Wolfe Research.

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Scott Sandager,
Chief Administrative Officer 

Scott Sandager is the Chief Administrative Officer at Arrive Logistics. He joined Arrive in 2018, bringing over 14 years of logistics and brokerage experience, with expertise in project and change management, organizational design, talent development and customer satisfaction. Scott previously held many diverse roles of increasing responsibility with AFN, a Chicago-based freight brokerage.

Barry Conlon,
CEO & Founder at Overhaul

Barry Conlon is the CEO and founder of Overhaul, the global leader in active supply chain risk management and intelligence. With a remarkable career spanning over 30 years in supply chain security, he is widely regarded as a trailblazer in modern-day supply chain security standards and best practices.

Matt Pyatt, Chief Executive Officer

Matt Pyatt is the Chief Executive Officer of Arrive Logistics. He co-founded Arrive with President Eric Dunigan in 2014 after building his career at Command Transportation. As CEO, he is responsible for overseeing the company’s financial health, strategic vision and culture, as well as building a scalable leadership team to support Arrive’s growth.

Eric Dunigan,
President & Co-Founder

Eric Dunigan is the President of Arrive Logistics. He began his career at Command Transportation before co-founding Arrive with Matt Pyatt in 2014. As president, he is responsible for driving revenue and growth, as well as leading the Strategic Partnerships team — a veteran group of supply chain experts who work with Arrive’s customers to reimagine their shipping strategy.

Arrive Logistics VP of Market Intelligence David Spencer Headshot

David Spencer,
VP of Market Intelligence

David Spencer is the Vice President of Market Intelligence at Arrive Logistics. David joined Arrive in 2017 after spending six years at AFN focused on business intelligence. His department provides critical market data and expert analysis to internal teams and publishes monthly market updates for shippers and carriers under the Arrive Insights banner.

Andrew Clarke, Board Chair,
Arrive Logistics and Global Critical Logistics

Andrew Clarke is Board Chairman for Global Critical and DCLI, Inc., and a board member for Arrive Logistics and Element Fleet Management Corp. His 20 years of global transportation and logistics experience include time as CFO of C.H. Robinson, CEO of Panther Expedited Services, Inc. and SVP and CFO roles at Forward Air Corporation.

Dean Croke,
Principal Analyst
at DAT Freight and Analytics

Dean Croke is a Market Analyst at DAT Solutions, where he focuses on freight market intelligence and data analytics. His 35 years of experience with data analytics, transportation, supply chain management, mining and insurance risk management include time as co-founder of FleetRisk Advisors and in a number of other high-level roles with FreightWaves, Spireon, Lancer Insurance, Omnitracs Analytics (formerly Qualcomm) and more.

Asanka Jayasuriya,
CTO and Partner at 8VC

Asanka Jayasuriya is the CTO at 8VC. He is an accomplished engineering and product leader with 20+ years of experience in the cloud. He has a strong background in enterprise SaaS, PLG products, infrastructure, and security. Notably, he served as CTO and SVP of Engineering at SailPoint, leading their successful transition to the cloud and successful exit event. He also held senior leadership roles at InVision, Atlassian, and Amazon, driving growth, operational excellence, and innovation. At 8VC, Asanka works with the entrepreneurs and leaders in our portfolio as a virtual CTO supporting their growth.

Chad Eichelberger,
President at Reliance Partners

Chad Eichelberger is the President of Reliance Partners. Since 2015, he’s leveraged his extensive experience in risk management, compliance, best practices and contracts to lead the company’s logistics and truck insurance strategy and operations. Chad was previously the President of Access America Transport, where he led the company from $8M to over $600M in revenue.

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