MyCarrier, a Phoenix, AZ-based technology company with a freight shipping platform for small and midsize shippers, announced that it raised $22 million in Series B funding to accelerate SaaS platform expansion beyond LTL/TL for other multimodal shipping needs.
The round was led by NewRoad Capital Partners, an operator-led, demand-driven investment firm. Existing investors, Greycroft and Lerer Hippeau, also participated.
The financing will enable the company to accelerate its platform offerings and expand its product, R&D, and go-to-market teams.
The company currently serves over 5,000 shippers, including Lucas Oil, IPC Global, U-Haul, and Malouf Home. MyCarrier has platform automation partnerships with 15 top-rated LTL carriers, including ODFL, Saia, Estes, and Averitt, and over 70+ integration carrier partners. These partnerships have unlocked rapid growth in MyCarrier's marketplace, growing platform revenue by 124%, insurance revenue by 150%, and platform shipments by 52% year over year.
The platform's active shippers grew by 57% in Q2 to 5,162, contributing to an ARR of $9.4M in August. Platform freight network revenue is forecast to exceed a $1 billion run rate in 2022.
Company: Integrated Transportation Management, LLC
Raised: $22.0M
Round: Series B
Funding Month: September 2022
Lead Investors: NewRoad Capital Partners
Additional Investors: Greycroft and Lerer Hippeau
Company Website: https://go.mycarrier.io/
Software Category: Freight Shipping Platform
About the Company: Founded in 2017 by Michael Bookout and Chris Scheid to become the ubiquitous platform that connects small and midsize shippers and carriers instantly, without barriers, to fuel the future of the supply chain. MyCarrier is a transformative shipping management platform partnered with the industry's largest carriers to provide unprecedented efficiencies and value-based visibility. MyCarrierTMS and MyCarrierTMS Pro use innovative API technology to connect shippers directly to their carriers, creating a seamless end-to-end shipping process and providing unrivaled data that leads to easier shipping management, cost savings, and increased efficiencies. MyCarrier's platform generates automated quotes based on the user's shipment characteristics and enables booking execution with electronic bills of lading, enhanced visibility, dynamic insurance, and payments. MyCarrier's platform ease-of-use, data, and distribution model create efficiencies for both shippers and carriers, differentiating it from the competition.
Source: https://www.prnewswire.com/news-releases/mycarrier-secures-22-million-in-series-b-funding-301623426.html