AUSTIN, Texas, June 18, 2019 /PRNewswire/ -- Arrive Logistics, a leading technology-powered freight brokerage, announced today the closing of a $25 million Series B equity financing, 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, Tenn. and Austin, Texas. In 2019 the company expects revenue of $600 million, as total loads shipped have increased by 100 percent year-over-year. The company has earned numerous accolades, including three consecutive years as an Inc. Magazine Best Workplace.
"We have doubled revenue for four consecutive years with our relentless focus on building the best team and technology in the domestic truckload market," said Matt Pyatt, CEO and co-founder of Arrive Logistics. "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.
"Proceeds from this financing will be used to fund our growth, accelerate investments in our proprietary technology and further build our team," continued Pyatt. "Arrive Logistics is committed to driving efficiency and scale through automation. Our customers continue to rely on us to provide best-in-class service in addition to competitive pricing. Our core carrier partners, who cover approximately 90 percent of our freight, trust us to keep them moving at the right price without unnecessary thrash. The advancement of our proprietary technology will strengthen both customer and carrier partnerships and allow us to go above and beyond for our clients."
"Lead Edge Capital is thrilled to continue its partnership with Arrive Logistics," said Nimay Mehta, LEC General Partner and Arrive Logistics board member. "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. Our confidence is supported by Arrive Logistics' strong load growth performance as well as improved broker productivity and healthy gross margins. This additional investment will further accelerate Arrive Logistics' path toward becoming a market-leading freight broker."
About Arrive Logistics
Arrive Logistics is a technology-powered transportation service provider delivering superior brokerage experience for carriers and shippers. Since its inception, Arrive Logistics has more than doubled its revenue for four consecutive years. Headquartered in Austin, Texas with offices in Chicago and Chattanooga, Tenn., Arrive Logistics has redefined what it means to be a modern broker through dedication to both shippers and carriers, giving partners more by putting proprietary technology, unprecedented operations and customer service at the forefront of their business. In addition, Arrive Logistics has earned numerous accolades, including three consecutive years as an Inc. Magazine Best Workplace. For more information visit www.arrivelogistics.com.
About Lead Edge Capital:
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. 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 Limited Partners to connect companies with the customers, partners, talent and advisors needed to accelerate success. Lead Edge Capital was founded in 2009 and has offices in New York City and Southern California.
SOURCE Arrive Logistics