MyCarrier secures $22 million in Series B funding
MyCarrier secures funding from NewRoad Capital Partners to accelerate SaaS platform expansion beyond LTL/TL for other multimodal shipping needs
MyCarrier, a technology company with a freight shipping platform for small and midsize shippers, announced that it has raised a $22 million Series B round. The round was led by NewRoad Capital Partners, an operator-led, demand-driven investment firm focused on high-growth supply chain and logistics technology companies and consumer brands with innovative technologies, products, and services.
Existing investors, Greycroft and Lerer Hippeau, also participated. The financing will enable the company to accelerate its platform offerings and expand its product, R&D, and go-to-market teams.
MyCarrier was founded in 2017 by Michael Bookout and Chris Scheid with the goal of becoming the ubiquitous platform that connects small and midsize shippers and carriers instantly, without barriers, to fuel the future of the supply chain. MyCarrier's platform generates automated quotes based on the user's shipment characteristics and enables booking execution with electronic bills of lading, enhanced visibility, dynamic insurance, and payments. MyCarrier's platform ease-of-use, data, and distribution model create efficiencies for both shippers and carriers, differentiating it from the competition.
Michael Bookout, MyCarrier CEO and Co-founder have focused on enhancing shipper and carrier relationships to simplify shipping for both parties. "From the beginning, our vision and approach were based on strong partnering, working hand-in-hand with carrier partners and customers to streamline the carrier and shipper experience to create exceptional business and customer outcomes," Bookout said.
MyCarrier President and Co-founder Chris Scheid added, "By doing so, we've been able to break down technology fears previously seen throughout the SMB market and successfully deliver never-before-offered technology. Today, we are providing small and medium-sized businesses with visibility into their supply chains, once only available to large enterprises. And it's absolutely needed given global supply chain disruptions and chaos."
The latest round of funding, which follows the company's $8 million Series A funding last March, is aimed at expanding the MyCarrier platform beyond less-than-truckload and full-truckload to meet other multimodal shipping needs. Domestic SMB shippers need more visibility across the ocean, air, and rail for better insights into incoming freight. In addition to multimodal shipping needs, MyCarrier has its sights on freight audit and pay, broadening its ERP and WMS integrations, and developing a rich set of data intelligence tools for both carriers and shippers. These investments will enable SMB shippers to be more productive, reducing overhead costs.
"Mike and Chris are industry veterans that really understand the challenges in the industry and have built an outstanding team and technology platform that is easy to use and drives major operational efficiencies for both shippers and carriers," said Tracy Black, Partner at NewRoad Capital Partners and former SVP of IT at J.B. Hunt. "We are excited to partner with them in the next stage of growth and apply the same great technology to additional modes and to the freight audit and payment process." Following this round, Tracy Black will join MyCarrier's board of directors.
The company currently serves more than 5,000 shippers, including Lucas Oil, IPC Global, U-Haul, and Malouf Home. MyCarrier has platform automation partnerships with 15 top-rated LTL carriers, including ODFL, Saia, Estes, and Averitt, and over 70+ integration carrier partners. These partnerships have unlocked rapid growth in MyCarrier's marketplace, growing platform revenue by 124%, insurance revenue by 150%, and platform shipments by 52% year over year. The platform's active shippers grew by 57% in Q2 to 5,162, contributing to an ARR of $9.4M in August. Platform freight network revenue is forecast to exceed a $1 billion run rate in 2022.
"Carriers need more efficient ways of serving customers, providing innovative data-driven shipping solutions that are easy to implement and use," said Ray Ramu, EVP and Chief Customer Officer at Saia. "MyCarrier has provided just that; a platform that offers our customers transformative digital capabilities that streamline their shipping process. On top of that, the platform provides key insights into our customer needs and trends more effectively, dramatically improving our operational agility."