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Emerge secures $20M Series A funding. Emerge’s digital freight rate platform is the first digital marketplace for the shippers to get access to the direct carrier rate, direct capacity, and to get a look at the current market conditions while conducting domestic trucking
FREMONT, CA: Emerge, an Arizona-based digital freight marketplace, has closed a $20 million Series A round of financing. The funding round was led by Newroad Capital Partners, which is a growth equity capital based in Rogers, Arkansas. Greysoft and 9-Yards also participated as investors in the funding round.
Emerge's award-winning cloud-based freight logistics platform allows shippers to find credible truck capacity at optimized shipping rates. Emerge's freight rate platform is the first digital marketplace for the shippers to get access to the direct carrier rate, direct capacity, and to get a look at current market conditions while conducting domestic trucking. Emerge has aimed at reducing shipper operating costs by simplifying contract optimization as well as improving service from quote to delivery. The company is led by the former head of UPS Freight, FedEx Freight, Global Tranz, a few of the most active teams in the industry.
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Andrew Leto, Emerge's founder said, "Emerge is a digital freight marketplace that serves as a procurement platform for domestic trucking. The platform has been adopted by several Fortune 500 companies and hundreds of SMB organizations that rely on our technology to reduce freight spend, improve visibility, and increase operational efficiencies. Many of them have achieved double-digit cost reduction on their transportation spend."
Emerge, founded in 2018 by Andrew and Michael Leto, has already raised $1 billion in freight, reported a gradual growth of 1500 percent from 2018 to 2019. The company's digital logistics platform, rapid growth, and expertise of founder attracted a lot of emerging strategic investors to take part in their Series A funding.
Tracy Black of New Road, who was a former SVP of Information Technology, has also joined the board since Emerge's Series A funding. She said, "Uniquely, Emerge combines an exciting new technology designed to serve existing, unmet market needs with experienced industry operators and entrepreneurs. Andrew and Michael are building the most innovative marketplace we've seen in the freight and digital marketplace industry -- bringing contracts and carriers together to create new capacity. We are excited to be leading their Series A, and I am thrilled to join the board to support their growth."
Emerge has created a board of freight industry leaders, which includes Jack Homes, who is the Chairman of the board, was the previous president of UPS Freight, and Pat Reed, former Executive Vice President and COO of FedEx Freight.
Will Szczerbiak, Principal at Greycroft, said, "We're proud to have backed the Letos and Emerge since it was just a concept back in 2017. We believe we have the best, most experienced team in the trucking business and are excited to welcome NewRoad, who furthers our range when it comes to key relationships and background in the industry."
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