Arrive Logistics, a freight brokerage, announced a $300 million investment Wednesday to create new service offerings and hire additional staff.
Arrive Logistics is one of the fastest-growing freight brokerages in the nation, according to a news release. The company works with a network of shippers and carriers to offer custom shipping solutions to its customers.
The $300 million investment comes from ATL, British Columbia Investment Management Corporation, Temasek and the Baupost Group through primary and secondary equity. These funds will be used to invest in Arrive Logistics’ technology, offer new services and hire additional staff.
“Over the last seven years, we have focused on building a top-tier workforce, strong relationships with our partners and best-in-class technology,” Matt Pyatt, CEO and co-founder of Arrive Logistics, said in the release a statement. “Today we are focused on innovation that empowers our partners, building digital solutions to provide a seamless experience designed for efficiency and asset-like services.”
The fresh investment, Pyatt told Built In via email, is allowing the company to specifically expand its offerings beyond full-truckload services, which currently account for 95 percent of its services.
“With this funding, we will expand the other 5 percent, which is dedicated to less-than-truckload (LTL) and intermodal,” Pyatt said. “We will invest more into those offerings and consider expanding into other services such as cross-border, expedited and international to offer our 6,000 customers more comprehensive solutions to their supply chain needs.”
Founded in 2014, Arrive Logistics has grown from an initial headcount of 10 employees to more than 1,000 today, with plans for that headcount to balloon even further. Pyatt said the company plans to hire 1,000 people per year for the next three years across all departments. The company, headquartered in Austin with a significant presence in Chicago, is currently hiring for about 40 positions with openings ranging from data and analytics to engineers and recruiters.
Because this latest funding comes in the form of equity, Arrive Logistics has only raised $50 million in capital to date, including a $25 million round in 2019 and $10 million round in 2018. The company has increased its revenue from $530 million in 2019 to $810 million last year and is on track to exceed $1.2 billion in revenue this year.