Arrive Logistics heralds new round of $25 million in financing

Austin, Texas-based freight brokerage and transportation management services provider Arrive Logistics said this week it has closed on a $25 million Series B equity financing. This round of financing was led by Lead Edge Capital.

Established in 2014, Arrive now has more than 800 employees spread out among its Austin, Texas headquarters, as well as offices in Chicago and Chattanooga, Tenn. Company officials said Arrive is projecting 2019 revenue to come in at $600 million, with total loads shipped seeing a 100% annual increase.    

“We have doubled revenue for four consecutive years with our relentless focus on building the best team and technology in the domestic truckload market,” said Matt Pyatt, CEO and co-founder of Arrive Logistics, in a statement. “We have done this by utilizing data to hire the right people, investing heavily in their training and retention as well as focusing our technology investments on what makes our team the most efficient in the industry.”

Arrive’s top executive added that proceeds from this financing will be used to fund the company’s growth, accelerate investments in its proprietary technology and further build its team.

In an interview with LM, Pyatt said that this is Arrive’s second round of funding, with the company having under $18 million in in total previous investments including seed capital.

“Arrive Logistics is stepping up and investing in the necessary resources to build a top 3PL in North America,” he said. “We are using this funding to fuel our growth and it will allow us to go above and beyond for our transportation partners. Having additional capital in the business will allow us to add more infrastructure, develop technology faster and drive the efficiency of our sales team through automation. We will focus on building technology that drives internal production, allowing us to be more competitive for our customers and carriers and continue to take market share in a scalable way.  Additionally, we will focus on integrations that make it easier for our partners to work with us. Both are important to maximize productivity for all parties.”

When asked about the next steps for Arrive Logistics as a company, Pyatt explained that it will continue towards developing best-in-class teams across the board: Customer facing, Carrier facing, Product, Engineering, BI, Pricing, Dedicated, People Ops, Finance & Accounting, Learning & Development and more as it continues to grow the organization.

“We are always focused on hiring, training and retaining the best people in our industry and these resources will help us continue to do that,” he said. “Other than focusing on build out these teams and the technology previously stated, we will focus on what's next for the organization outside of just dry and refrigerated transportation. We launched Chattanooga to increase our capabilities in flatbed and over dimensional and I am sure there will be more service offerings coming down the pipe in the near future.”