Fresh off a year of major hiring initiatives and strong year-over-year revenue growth, Arrive Logistics announced today that it has raised a Series A worth more than $10 million.
Based in Austin, with a major Chicago office, Arrive Logistics develops freight brokerage solutions that leverage technology and a large network of carriers to enhance transportation services.
The company is on target to increase first-year truckload sales from $145 million in 2017 to more than $330 million by the end of this year.
Lead Edge Capital, a growth-stage investment fund out of New York, led the Series A, which will be used to support Arrive Logistics’ aggressive growth strategies.
“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,” said CEO Matt Pyatt in a statement. “We look forward to having them by our side as we continue marching toward our goal of being one of the fastest brokerages to $1 billion.”
Pyatt and Eric Dunigan launched the startup in 2014 and have since grown Arrive Logistics to over 450 employees across its Austin and Chicago offices.
That growth hasn’t gone unnoticed. Inc. Magazine named the company among its Best Places to Work in 2018, and Ernst & Young recognized Arrive as a finalist for Entrepreneur of the Year for Central Texas. Transport Topics named the company a Top Brokerage Firm, and it also earned Ravago Americas’ Truckload Partner of the Year.
“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, a partner at Lead Edge Capital, in a statement. “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.”
