Arrive Logistics, one of the nation’s fastest growing brokerages with offices in both Austin, TX, and Chicago, has received a Series A round of funding led by Lead Edge Capital. The funding, described as “over $10 million,” follows initial investment in the company from two Angel investors. Total funding is now over $15 million.
Lead Edge Capital is a global growth-stage investment fund that focuses on software, internet and technology-enabled services. Among the company’s U.S. investments are Uber, Wayfair, Refinery29, drillinginfo and Boxed.
Arrive generated first year revenue of $30 million, growing that to $145 million in 2017 and on pace for $330 million in revenue this year. The company was founded in 2014.
“Arrive was founded with just two angel investors and a founding team of 10,” said Matt Pyatt, CEO and co-founder of Arrive Logistics. “Since inception we have been able to grow from those 10 to almost 500 dedicated employees without any outside investment — but we are ready to take on more capital to sustain our aggressive growth goals. We took this capital raise process slowly to ensure we partnered with a firm whose values aligned with ours and we are confident that Lead Edge is the best partner for us. We look forward to having them by our side as we continue marching towards our goal of being one of the fastest brokerages to $1B.”
Arrive will utilize the funding to expand its business, including a new location in Austin in 2019. Expansion of service offerings, more personnel and IT development are also part of the future plans. The provider expects to develop and implement a core carrier program to increase capacity for customers and put in place loyalty programs for core carriers and customers.
“Arrive Logistics is proving to be a major player in the freight trucking space and we are looking forward to this partnership,” said Nimay Mehta, partner at Lead Edge Capital. “As a next-generation tech-enabled freight broker, Arrive continues to innovate to bring value to its shippers and carriers, while driving productivity gains for its employees. We hope to amplify and support this process with our investment in Arrive Logistics.”
“We are very excited to partner with Lead Edge,” said Eric Dunigan, president and co-founder of Arrive Logistics. “Lead Edge has demonstrated their ability to partner with growth-stage businesses with strong management teams and a clear vision for execution. Arrive has some of the hardest working people around, and with Lead Edge by our side, we look forward to making their jobs easier by leveraging technology. This partnership will allow us to continue to deliver the best experience possible to our customers and carriers.”