finance
Another Cold One: FreshX Secures $2.7M Pre-Seed Round
Jerome Washington · July 29, 2024 · 1 min read
FreshX just closed a $2.7M pre-seed round. Founded by Lance Hackney and a former freight brokerage partner, FreshX tackles the chaos in temp-controlled logistics head-on.
Key Highlights:
Funding Success: $2.7M raised in a pre-seed round.
Major Backers: Valor Equity Partners, Caruso Ventures, LongJump, OCA Ventures, Origin Ventures, and more.
Industry Experts: Advisors include Matt Silver and Lars Ward, with support from NVC professors Mark Tebbe and Steven Kaplan.
Beta Testing: The platform is live and working with carriers, brokers, and shippers to refine and perfect the service.
FreshX Features:
Transparent Pricing & Schedules: Simplifies cold-chain logistics for freight brokers and food shippers.
Optimized Routing: Aims for "network-level optimization" to cut down on empty miles.
Effortless Reefer LTL Bookings: Beta users report booking reefer LTL as easy as booking a plane ticket.
"Our platform brings transparency and efficiency to a complex industry, eliminating manual processes and optimizing logistics at a network level," says co-founder Lance Hackney.
Industry Comparison:
FreshX may owe some of its funder confidence to Lineage Logistics, who recently made a historic $18 billion IPO, raising $4.4 billion.
With 482 facilities in over 19 countries, Lineage is dominating the cold storage market, showing the immense potential in cold-chain logistics. It's a big sign of the growing importance and potential of the cold-chain sector. And now with FreshX in the mix, one can only image what other companies could soon claim their stake in this growing sector.
Source: LinkedIn Clay Curran | FreightCaviar
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