Freight matching startup DrayNow has raised $5 million in Series A funding as it brings its freight booking and tracking platform to the shipping and logistics sector. Funding came from investors at Comcast Ventures and Osage Venture Partners.
“The shipping and logistics industry is an incredibly vital and growing part of our economy. Yet the Intermodal sector of the industry has seen very little technology enabling the match-making and operational efficiency it needs,” said Sam Landman, managing director of Comcast Ventures. “We invested in DrayNow because the team and the technology establishes a much more efficient method for moving freight. In addition to being the first mover in the space, DrayNow has demonstrated an ability to build and refine an offering that addresses its customers’ pain points.”
DrayNow’s platform is aimed at addressing the first and last miles of freight movement. It features an instant load-booking app and matchmaking platform that is designed to help shippers and brokers connect to trucking capacity while also providing a window into what is happening with a given shipment at any time.
The latest round of funding will be used to expand the service into new markets with thousands of new carriers.
“We spent the past 6 months asking our customers and users what they need…and then refining our platform to deliver total visibility, greater operational efficiency and other tools to help improve overall quality of life,” said Mike Albert, founder and CEO of DrayNow. “Now, with the support of our great partners, Comcast Ventures and Osage Venture Partners, we’re better positioned to swiftly move into new markets.”