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HaulHub Technologies, a Boston-based Technology company, secured $30 million in Series B round of financing. The Funding round was led by T. Rowe Price Associates, Inc.,
FREMONT, CA: HaulHub Technologies has secured $30 million in Series B round of financing to expand its capabilities. The Boston-based technology firm powers the heavy construction industry with state-of-the-art, mobile, and web-based solutions. The funds raised will be employed to expand the capabilities of the firm's transportation management. T. Rowe Price Associates, Inc. and Durable Capital Partners LP have led this round of financing. The proceedings of the round will be used to accelerate the hiring process of the engineers and other resources needed to bring innovation quicker to its customer base.
"HaulHub Technologies has proven it has the industry knowledge, depth of the team, and clear understanding of what is required to modernize the heavy construction industry in its approach to transportation management," said Joe Spinelli, founder, and CEO of HaulHub Technologies. "Now, we need to step on the gas and go even faster, helping our customers improve their workflows and scale their business."
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[vendor_logo_first]HaulHub Technologies' signature cloud-based SaaS transportation solution has maximized the capacity, transparency, and efficiency of material deliveries for producers, contractors, and carriers around the world. The solution has enhanced the method of materials delivery, deployment of capital assets, scheduling of shifts, inventory management, and the hiring process of the crew members.
"The construction industry is at the tipping point of a digital transformation process that will revolutionize the way business is done," said Henry Ellenbogen, CIO, Durable Capital Partners LP. "We believe HaulHub has the right team, technology, and market experience to create value for its customers, partners, and team and build a much larger business."
A recent report by Mckinsey & Company quotes, "incumbents, new entrants and investors alike are realizing the potential of technology to accelerate projects, reduce costs and improve safety in the (Engineering & Construction) $10-trillion-a-year industry. Contributing 13 percent of global GDP, construction is the largest industry in the world-and is primed to unlock significant value through productivity improvements."
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