All-in-one financial platform for freight and logistics companies Axle closed its Series A round on $10m.
Crosslink Capital led the round, with contributions also coming from FJ Labs, Flexport, Tribeca Early Stage Partners and existing backers Anthemis Group, Techstars, and Plug and Play Ventures.
A number of angel investors also contributed to the round, including FinTech investor Ron Suber, Project44 founder Jett McCandless, Fundopolis CEO Michael Mook, EasyBib co-founder Darshan Somashekar, Cantaloupe founder Mandeep Arora, and sennder SVP Daniel Warner.
Equity from the round will be used to expand operations, grow its client base and further the development of its payments and financing platform. It also claims its new tools will help clients be more effective and efficient with their back office operations.
The Series A round comes after a record year for Axle, which saw its usage grow by 850%.
Axle claims there are more than 100,000 logistics businesses in the US, which are expected to reach a combined $233.9bn in revenue in 2021. Despite the size of the industry, Axle believes they do not have the infrastructure or expertise to digitise operations on their own.
The company offers logistics and freight companies with financial tools to factor invoices and automate carrier payments, invoices and collections.
Axle CEO and co-founder Bharath Krishnamoorthy said, ?Axle proprietary technology levels the playing field, so our customers can compete in a highly competitive market. With our financial platform, were empowering freight intermediaries to rapidly grow and differentiate their businesses in a cutthroat industry. Were excited to partner with Crosslink to transform the freight and logistics industry.p>
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