Shipwell, which is an Austin, Texas-based online business freight shipping platform, today in a report has announced that they have raised an amount of $10m in the funding round of Series A.
The round, which brought total funding to date to $12.1m, was led by Fifth Wall Ventures, with participation from some of the Global Founders Capital and Aspect Ventures, and some of the more existing investors First Round Capital, Base10, and Village Global. In conjunction with the funding, Fifth Wall principal Vik Chawla will join Shipwell’s Board of Directors.
The company as o now has a plans to use the funds to expand its marketing efforts, improve the product, and amplify the team. “We coordinate the freight, we pay the truckers, we help optimize the fleets,” says Shipwell president and co-founder, Jason Traff.
Apart from just that to the obvious use case for Shipwell customers who own warehousing, landlords can use Shipwell to become effective facilitators for their tenants,” according to Chawla. “Some Anchor LPs [the limited partners that provide capital for Fifth Wall to invest] are already engaged in this shipping ecosystem on behalf of their tenants, while others act as transport hubs. Beyond these, however, there are easy tie-ins within a number of key categories of Fifth Wall Anchors [sic] that regularly ship or receive freight—developers, of course, but also retail, office, homebuilding anchors.”
“We focus on the longer tail. If you are doing $50 million in freight per-year then you’re doing dozens of shipments per week,” said Traff. “Most of our freight is less than a truckload or a full truckload freight and it’s more long-haul.”
The company which is founded and led by Gregory Price, CEO, Shipwell provides a platform that lets users transport freight across the country with instant quoting and booking, real-time shipment tracking. Users can also centralize all their freight in one place across modes, carriers, documents, analytics and more.
More than 1,000 companies currently use Shipwell.
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