OneRail, a last-mile technology platform provider, has raised $6.7 million in late seed financing. This brings the total OneRail has raised to $12.5 million. This is since it has announced the close of its series seed financing. This occurred in Q1 2020, the Orlando, Florida-based company, said Wednesday.
A delivery orchestration and fulfillment platform, the company says the funding will enable OneRail to scale operations. This includes its business development, sales, and marketing areas.
“The latest set of financing will allow us to build an important 2020 for OneRail. They where we were lucky to rapidly grow its base of retail and distribution customers. In fact, shippers have said they have experienced an increased need to find other avenues in order to provide cost-effective and dependable final mile delivery to customers and end-users,” OneRail spokesperson Sierra Hack.
“Therefore, with this funding, we will also expand our business development efforts. We can deliver elaborate operational value assessments to retailers and distributors. They outline the supply chain cost reduction opportunities and new logistical choices. In fact, we plan to triple the size of our team this year.”
The latest investment run includes Chicago Ventures and Bullpen Capital. This is according to OneRail. Other companies involved included existing investors Las Olas Venture Capital and Alpine Meridian Ventures. The new investors’ Triphammer Ventures (Alumni Ventures Group) and CreativeCo Capital are also involved.
“A decision to double down on OneRail was propelled by how well the market has reacted to OneRail’s solution.
Therefore, the momentum of online buying, and most significant the team’s ability to execute operationally in 2020. This is according to Stuart Larkins, Partner at Chicago Ventures, said in a release.
“In fact, the Final mile is more critical than ever before. The consumer behavior dictates that won’t fade once the pandemic has ended” said Paul Martino, managing partner at Bullpen Capital. “We like OneRail’s original approach. We are excited to be a key member of this latest group of investors.”
Therefore, notable shifts in consumer buying because of the COVID-19 pandemic. This has prompted last-mile logistics stakeholders to better handle how they coordinate among themselves. Therefore, they can transition more toward digital shopping and away from physical storefronts. Stakeholders such as retailers, product distributors, and logistics providers have needed to pivot to this transforming environment.
Navistar has been taking care of autonomous semi trucks like nobody's business. This is because... Read More
Artificial intelligence is helping the fast acceleration of e-commerce. Retailers now know what... Read More