Logixboard Raises $13M Series A from Redpoint Ventures to Power the Future of Modern Freight Forwarding
Apr 28, 2021, 12:00 ET
SEATTLE, April 28, 2021 /PRNewswire/ — Logixboard, the modern customer experience platform for freight forwarders, closed a $13M investment led by Redpoint Ventures, with continued participation from Social Leverage, F-Prime Capital, Founders Co-op, Techstars Ventures, and others.
Freight forwarders that handle the logistics of shipping trillions of dollars worth of the most high-cost, stakes, and volume goods such as vaccines, medical supplies, and machinery parts, have long lacked a modern digital platform for managing their customer’s experience.
Logixboard’s platform allows freight forwarders to offer the same digital experience and level of shipment transparency to their customers that they have become accustomed to from consumer shipment trackers offered by the likes of Amazon, Wayfair, and Chewy. Without the help of solutions like Logixboard freight forwarding customers are forced to hunt down updates via text, email, or phone calls. Additionally, freight forwarders are experiencing an uptick in request for proposals (RFP) that specify the need for a digital platform for managing their shipments.
Over 80% of commercial shippers expect online shipping visibility to be a primary function offered by their freight forwarder so they can more accurately make supply chain decisions and streamline stakeholder communications.
“Logixboard has been an amazing partner in helping us transform our internal digitization into a world-class customer experience. It is creating modern, effortless experiences for both our internal services teams and external customers,” said Jason Steinke, EVP, of Rim logistics. “Since officially launching in March, the Logixboard team and product have been an integral part of helping us continue our year-on-year growth trend, while allowing us to reach a broader and larger customer base. RIM is beyond excited to continue our partnership with Logixboard. The future path together is only going to allow for greater growth and innovation.”
“We’re thrilled about this most recent raise because it means we can continue innovating our platform to the benefit of our customers, who oftentimes see an increase in millions of dollars worth of revenue just a couple of months after implementing our platform,” said Julian Alvarez, CEO and co-founder of Logixboard. “Over the past 12 months we’ve seen a 14 times growth increase in users and we’re hoping for that number to grow as we expand our product offerings.”
Furthering its commitment to becoming the industry standard for an all-in-one customer experience management platform for freight forwarders, Logixboard just recently launched its ETA feature to help offer more transparency into estimated time of arrival variances. The company also plans to use the new funding to continue building additional integrations and products that will offer increased stakeholder communication and real-time visibility, as well as new functions such as in-platform quoting and bookings.
“In the past year following the initial COVID-19 lockdown US freight imports soared to record highs, which has caused strain on many facets of the logistics and supply chain industry and an increase in competition among freight forwarders,” said Annie Kadavy, Managing Director at Redpoint Ventures. “These forwarding agents are feeling the pressure to offer more transparent, tech-based customer experiences, so we’re excited about the opportunity for Logixboard to help solve this global problem.”
About Logixboard
Logixboard is a leading technology company providing logistics service providers (LSPs) with the ability to give their customers a world-class digital experience. Companies globally leverage our white-labeled platform to provide shippers with real-time visibility into their shipments, share critical documents, send messages, view analytics, and more. Logixboard helps LSPs streamline operations and differentiate themselves in the market to win new business and delight customers.
About Redpoint Ventures
Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. Redpoint invests in startups across the seed, early and growth phases, and is proud to have backed over 538 companies—including Snowflake, Looker, Kustomer, Twilio, 2U, DraftKings, Duo Security, HashiCorp, Stripe, Root Insurance, HomeAway, Heroku, Netflix, and Sonos—with 167 IPOs and M+A exits. Redpoint manages $5.8 billion across multiple funds. For more information visit: http://www.redpoint.com/
Side note: JOC’s Eric Johnson yesterday wrote that although the deal “might have escaped people’s notice among a flurry of funding rounds across the transportation and logistics landscape the past 15 months (escalating further thus far in ’21) (…) the size of Logixboard‘s series A, and the lead investor in that round, are worth pointing out.
“$13M for a series A is big in the VC world’s still nascent fascination with international logistics. And Redpoint is a top tier VC, the type that helps companies that achieve growth targets get big subsequent rounds. We’ve been waiting for a SaaS vendor in the global logistics space to break through that wall, and this suggests we may be getting close. Logixboard isn’t the only one, so pay attention for other companies getting some sizeable rounds in the near future.”