Atlanta-based RoadSync has raised $30 million in a Series B round led by Tiger Global Management, the company said Thursday.
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RoadSync is something like Square for the logistics industry. It’s a point-of-sale system that automates routine business expenses for those working in trucking and logistics.
“Trucking is still very much paper-based,” CEO Robin Gregg said in an interview with Crunchbase News. “That creates a lot of problems for the industry.”
It’s ironic, Gregg noted, that the logistics industry strives for more efficiency in the world, yet its own operations sometimes lag behind. Every load a truck transports is a business trip, but the only way drivers have to conduct business is with a fuel card, or a card to manage gas and vehicle maintenance, Gregg said.
The company was founded in 2015 with the idea of helping truckers pay for getting their trucks unloaded. Gregg took over as CEO in 2017.
With RoadSync, those in the trucking and logistics industry can create invoices, make work orders, and accept payments, among other features.
After raising $5.7 million in Series A funding in January 2020, the company ramped up its sales team and grew sales 5x year-over-year. RoadSync now has about 60 full time employees, up from about 30 pre-pandemic.
The funding will be used to expand the product and engineering team and invest in strategic partnerships and sales, Gregg said.
Base10 Partners, Hyde Park Venture Partners, and Gaingels also participated in the Series B round.
John Curtius of Tiger Global Management said in an email that a large part of the firm’s venture investing is in the vertical SaaS and fintech spaces—such as restaurant tech company Toast—and RoadSync fits in that category as well. RoadSync’s product, team, customer feedback, and market leadership are part of why the firm decided to invest, Curtius said. Tiger has led or co-led startup investment in greater amounts than any other firm so far this year.
Atlanta-based companies and companies in the shipping and logistics space have gotten more attention from venture investors in recent years, something Gregg noted is different from a few years ago.
“The willingness and interest in both of those have changed dramatically over the last couple of years,” Gregg said. “And there’s so much opportunity in the logistics space to automate.”
RoadSync is backed by investors including Bain Capital Ventures and XFactor Ventures, per Crunchbase.
Illustration: Li-Anne Dias
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