Loop, a transportation logistics company, has announced a successful Series B funding round of $35 million co-led by J.P Morgan and Index Ventures. Offering an AI-driven solution that consolidates and analyzes transportation financial data, Loop’s platform serves shipping companies and logistics service providers across the globe such as Great Dane, Convoy and Loadsmart.
Many legacy firms still rely on manual processes to record and audit important shipping documents like invoices and delivery receipts, often leading to costly invoice rate errors. Loop provides shippers with AI-derived insights into how contract renegotiations, linking disparate documents and more impact core business operations. Its platform helps customers improve their cost visibility, cut unnecessary spend and optimize their transportation budgets.
The company, founded in 2021, will put its fresh capital toward fueling continued growth as it aims to build the future of the modern supply chain.
