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Shipwell Raises $35 Million Of Series B Venture Capital

FreightWaves

Austin, Texas-based centralized freight platform Shipwell raised $35 million of venture capital funding from a consortium of investors led by Georgian Partners of Toronto, Canada.

In a statement from the company, Shipwell added that the other contributors to the current funding round are also previous investors in the company.

Shipwell raised $10 million in an October 2018 series A funding round, which was led by Fifth Wall, according to the company. Vik Chawla of Fifth Wall joined Shipwell's board. There were five other investors in the round, two of which were new and the other three were returning investors. Global Founders Capital and Aspect Ventures were the new investors while First Round Capital, Base10 and Village Global were the returning investors, according to the company.

Shipwell received seed funding of just under $2.1 million in 2017, according to a filing with the U.S. Securities and Exchange Commission. The investors were First Round Capital and Base10 Partners, according to the Crunchbase database. It is not clear from the company or Crunchbase when Village Global became an investor.

Shipwell did not specifically state in its announcement how the newly raised funds will be spent.

About Shipwell

Founded in 2016, Shipwell offers a software as a service platform designed to help third-party logistics players and other shippers to book and manage freight. The system integrates with trucking companies and enables numerous freight-related functions such as quoting, booking, dispatch, document processing, payments and invoicing in real time over the system.

The company enables the connection of in-truck electronic logging devices to its platform to provide automated tracking and an in-truck level of visibility on shipments. The company offers services in the less-than-truckload, full truckload, e-commerce and drayage freight markets.

The leadership of Shipwell includes co-founder and CEO Greg Price, co-founder and President, Jason Traff; Chief Revenue Officer Kris Glotzbach and Chief Commercial Officer Nate Lourie.

Founding philosophy

The company was founded with the idea of being "the easiest, most automated way for any business to ship anything anywhere."

In the company's announcement of its latest successful funding round, CEO Greg Price, commented, "Three years ago, I co-founded Shipwell with Jason Traff to put a dent in the philosophical ‘universe' of supply chain visibility, automation and connectivity. I had just finished spending time at MIT and McKinsey & Company, where I worked with companies that have the largest supply chains in the world and learned that the entire ecosystem is mostly untouched by modern technology, still lacks visibility and automation, and that only a select few companies truly saw their supply chain as a competitive advantage."

Price continued, "Time and again, I saw how a company could spend over $5 billion a year and yet not have performance metrics, not know where its shipments were, and not be able to adapt to customer demands. I observed this throughout many industries such as Oil & Gas, Retail, Grocery, Manufacturing, and CPG to name a few. So when I left McKinsey in 2016, I recruited Jason to see if we could solve these problems that constrain a $16 trillion dollar worldwide industry."

FreightWaves contacted the company by telephone and by email for an interview; however, no one was available for comment.

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