24 Apr 2024
AUSTIN, TEXAS (PRWEB) JUNE 26, 2018
Arrive Logistics, one of the fastest-growing next-generation freight brokers in the country, today announced it has closed a significant round of funding. The round was led by Lead Edge Capital, a growth stage investment fund focused on software, internet, and technology-enabled services. This new financing and first institutional round comes amid one of Arrive’s most explosive growth years.
Since its inception in August of 2014, Arrive Logistics has grown to over 450 employees with offices in Chicago, IL and Austin, TX — and is expected to have a total company headcount of more than 600 by the end of the year. Financially, the business has seen strong organic growth in its first three years. The company generated $30M of revenue in first-year sales and grew to $145M in 2017. Arrive is on track to generate more than $330M in revenue in 2018.
“Arrive was founded with just two angel investors and a founding team of 10,” said Matt Pyatt, CEO and Co-Founder of Arrive Logistics. “Since inception we have been able to grow from those 10 to almost 500 dedicated employees without any outside investment — but we are ready to take on more capital to sustain our aggressive growth goals. We took this capital raise process slowly to ensure we partnered with a firm whose values aligned with ours and we are confident that Lead Edge is the best partner for us. We look forward to having them by our side as we continue marching towards our goal of being one of the fastest brokerages to $1B.”
Arrive Logistics raises the freight brokerage standard— putting proprietary technology, unprecedented operational efficiency, and personalized customer service relationships at the forefront of everything they do. This unique approach to freight brokering is the Arrive difference and the catalyst for their rapid growth. With Lead Edge’s support, Arrive will not only continue to innovate on what sets them apart today, but will also provide even more value to their customers and carriers. In the next year, the company plans to onboard more sales employees, grow its IT Development staff, expand its corporate headquarters, move into additional markets, and implement loyalty programs for Core Carriers and Customers.
“Arrive Logistics is proving to be a major player in the freight trucking space and we are looking forward to this partnership,” said Nimay Mehta, Partner at Lead Edge Capital. “As a next-generation tech-enabled freight broker, Arrive continues to innovate to bring value to its shippers and carriers, while driving productivity gains for its employees. We hope to amplify and support this process with our investment in Arrive Logistics.”
“We are very excited to partner with Lead Edge,” said Eric Dunigan, President and Co-Founder of Arrive Logistics. “Lead Edge has demonstrated their ability to partner with growth-stage businesses with strong management teams and a clear vision for execution. Arrive has some of the hardest working people around, and with Lead Edge by our side, we look forward to making their jobs easier by leveraging technology. This partnership will allow us to continue to deliver the best experience possible to our customers and carriers.”
About Arrive Logistics
Arrive Logistics is a transportation service provider proudly collaborating with shippers and carriers to deliver superior brokerage and transportation management services. Since 2014, Arrive has worked tirelessly to redefine what it means to be a freight broker; giving partners more by putting proprietary technology, unprecedented operations, and customer service at the forefront of everything they do. They know that in order to maintain this philosophy, they must invest in the people that make Arrive successful. What was once a 10-person team based in Austin, Texas is now a team of more than 450 people spanning two major U.S. cities (Chicago and Austin). The Arrive difference comes from how they train and foster their employees’ development, because that investment directly translates into how they care for their customers and carriers. It’s a virtuous cycle that has not only validated their theory that shippers want more out of their supply chain partners, but it has skyrocketed the business from an already-impressive $30M in first-year truckload sales, to $145M in 2017, to an on-track projection of more than $330M by the end of 2018. Arrive Logistics has been named one of Inc Magazine’s Best Places to Work in 2018, a finalist for Ernst & Young Entrepreneur of the Year – Central Texas, and has been recognized as a Top Brokerage Firm by Transport Topics and Truckload Partner of the Year by a leading global manufacturer and distributor of plastics, rubber and chemicals, Ravago Americas LLC.
To learn more about the Arrive difference, please visit https://arrivelogisdev.wpengine.com.
About Lead Edge Capital:
Lead Edge Capital is a growth stage investment fund with $1.5 billion under management, and portfolio companies across the internet, software and consumer spaces – including Uber, Spotify, Alibaba Group, Marketo, Xamarin, Duo Security, Toast, Delivery Hero, Bazaarvoice and Mindbody. Lead Edge Capital offers its entrepreneurs flexible capital and extensive domain expertise via its robust Limited Partner Network, a global advisory group of leading executives, entrepreneurs and dealmakers who have built and run some of the most successful companies. Lead Edge Capital leverages its LPs to connect companies with the customers, partners, talent and advisors needed to accelerate success. Lead Edge Capital was founded in 2009 and is headquartered in New York City.
