Last year, the trucking industry produced more than $700 billion in revenue, or approximately four and a half Jeff Bezos’ worth of cash. But the industry has still remained fragmented, with many operators far behind the curve from a tech perspective.
Founded in 2014, Austin’s Arrive Logistics has spent the last half-decade building out its brokerage platform for carriers and shippers looking to transport their goods with an unprecedented level of control and insight into the process. And on Tuesday, Arrive Logistics announced it had closed a $25 million Series B funding to further its growth.
Existing investor Lead Edge Capital led the Series B round, which will be used to build on the company’s successes: the technology and the team behind it.
“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 in a statement.
He added: “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.”
The Arrive Logistics team, which is headquartered in Austin, with additional offices in Chicago and Chattanooga, TN, has built a platform where both carriers and shippers can come together to have even the most specific logistical needs met. Arrive Logistics helps orchestrate these partnerships, and ensures transparency, insurance coverage and carrier screening along the way.
When envisioning the next stage of Arrive Logistics’s technological capabilities, CEO Pyatt operates with the customer base front-of-mind:
“The advancement of our proprietary technology will strengthen both customer and carrier partnerships and allow us to go above and beyond for our clients,” he said in a statement.
Original article posted here: https://www.builtinaustin.com/2019/06/18/arrive-logistics-series-b-funding