Arrive Logistics raises $25 million in Series B
Freight broker Arrive Logistics has closed a $25 million Series B equity financing round, led by the company's existing investors, Lead Edge Capital.
Founded in 2014, Arrive Logistics is transportation service provider delivering brokerage for carriers and shippers.
It 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, and says that total loads shipped have increased by 100% year-over-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," 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% 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."