The new freight-matching app, DrayNow, officially raised nearly $5 million in it’s first round of funding.
Comcast Ventures and Osage Venture Partners backed the much anticipated freight booking and tracking app. With its new capital, the company hopes to expand its employee base in both Chicago and Atlanta.
“The shipping and logistics industry serves as an incredibly vital and growing part of our economy. However, the industry’s Intermodal sector sees little technology enabling the match-making and operational efficiency,” Sam Landman, managing director of Comcast Ventures, told DC Velocity.
“We invested in DrayNow because the team and the technology establishes a more efficient method for moving freight. Furthermore, as the first mover in the space, DrayNow addresses customers’ pain points.”
DrayNow quickly connects brokers and carriers based on prospective companies’ drop off locations. The app focuses on the beginning and end of each individual freight movement, allowing users to track their shipment’s location.
Furthermore, Founder and CEO Mike Albert said in a press release, “The industry experiences low visibility and transparency from pick up through delivery. However, we provide transparency and breadcrumbs all the way to delivery,” said Albert.
“When shippers give a carrier a load, they only hear about it when there’s bad news, like they have to push back delivery a day. But, now they see the load pickup, while it’s moving, and at its delivery. This gives them the tools to measure supply chain performance accurately. You can’t measure what you can’t see.”
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