Arrive Logistics acquires VC funding
June 26, 2018
AUSTIN, TX: June 26, 2018. Freight brokerage company Arrive Logistics has closed a new round of funding led by New York-based Lead Edge Capital, a growth stage investment fund focused on software, Internet and technology-enabled services.
Since its inception in August of 2014, Arrive Logistics has grown to over 450 employees with offices in Chicago, IL and Austin, TX.
The company generated US$30 million of revenue in first-year sales and grew to US$145 million in 2017 and expects to top US$330 million this year.
“Arrive was founded with just two angel investors and a team of 10,” said Matt Pyatt, CEO and co-founder. “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. We look forward to having them by our side as we continue marching towards our goal of being one of the fastest brokerages to US$1.0 billion.”
Arrive says with Lead Edge’s support it will now add more sales employees, grow its IT development staff, expand its corporate headquarters, move into additional markets, and implement loyalty programs for core carriers and customers.
“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, partner at Lead Edge Capital. “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.”
Lead Edge Capital has $1.5 billion under management and a portfolio that includes Uber, Spotify, Alibaba Group, Marketo, Xamarin, Duo Security, Toast, Delivery Hero, Bazaarvoice and Mindbody.