Parade, a San Francisco, CA-based capacity management platform for freight brokers, has raised $17 million in funding.
SaaS Investors
The round was led by I Squared Capital, with participation from existing investors Menlo Ventures, Greenhawk Capital, Jones Capital, The House Fund, Operator Stack, and others, as well as new investors such as Earthshot Ventures, Lineage Logistics, and Redbird Capital.
I Squared Capital is a private equity firm focusing on global infrastructure investments. The company invests in energy, utilities, transport, and telecom projects in North America, Europe, and select high-growth economies, such as India and China.
Parade Use of Funds
The company plans to use the funds to develop AI-powered products that accelerate freight brokers' ability to transact freight at scale, including Generative AI to convert conversations into freight bookings. The company will also deepen its integration ecosystem with partner transportation management systems and other solutions.
About Parade
Parade is software for freight brokers, offering truckload capacity management that drives carrier access and digital transformation. The company's AI-enabled products have enabled freight brokerages to efficiently scale freight operations through its management of freight booking automation, carrier network development, and dynamic capacity pricing. Parade's mission is to enable freight brokers to achieve superhuman scale by eliminating manual bottlenecks in buying and selling truckload capacity.
Funding Details
Company: Dray Technologies, Inc.
Raised: $17.0M
Round: Unknown
Funding Month: September 2023
Lead Investors: I Squared Capital
Additional Investors: Menlo Ventures, Greenhawk Capital, Jones Capital, The House Fund, Operator Stack, Earthshot Ventures, Lineage Logistics, and Redbird Capital
Company Website: https://www.parade.ai/
Software Category: Freight Capacity Management Platform
Source: https://www.accesswire.com/783989/parades-ai-driven-platform-nabs-17m-to-empower-freight-brokers-at-scale