Dynamic pricing platform Greenscreens.ai announced on Tuesday that it has closed a $5 million Series A investment led by existing investor Tiger Global Management as the company focuses on its “core market and… continues to increase the strategic value of our solution,” Dawn Salvucci-Favier, Greenscreens.ai’s chief executive officer and chief product officer, told FreightWaves.
“In the second half of 2020 and throughout 2021 into early 2022, we saw historically high rates and limited capacity, making it extremely important for businesses to be able to dynamically price in line with market dynamics in real-time to ensure they don’t lose money,” she explained.
“Today, in a declining market, it remains incredibly important for companies to remain competitive. Business is harder to win, and a dynamic pricing infrastructure allows companies to not only maximize their win rates and win more opportunities to bid on, but also ensure they get more margin on the business they win. “
Salvucci-Favier said a year ago that Greenscreens.ai had eight clients using its dynamic pricing infrastructure, and due to aggressive market volatility, the company has added more than 60 clients, including companies like Yellow Logistics, US Foods, Primo Logistics and Giltner Logistik and R2 logistics.
|funding amount||5 million dollars|
|round of financing||Series A|
|main investor||Tigers global|
|Business goals for the round||Scale current technology, add means of transport|
|total funding||$10.8 million*|
|Post Money Rating||$65 million*|
“Our ARR has increased by 550% year over year. With this customer growth, we have been able to accumulate approximately $10 billion in transaction data and over 7 million transactions with over 2,000 users,” said Salvucci-Favier.
With its new capital, the company intends to focus on its pricing platform, including expansion into various modes of transportation.
“Over the past 10 months, we have focused our efforts on not only further improving the accuracy of our machine learning model, but also providing our customers with transparency on how well the platform is performing for their business. … We will continue our expansion of the ecosystem, allowing for even more flexibility in offering and securing capacity, as well as some tactical expansion to additional modes and methods of transport,” Salvucci-Favier said.
Tiger Global Investor Advisor Nate Lippincott said: “By offering a dynamic pricing infrastructure for the logistics industry, the Greenscreens.ai team has created a platform that has the potential to transform the freight market. The platform was built by logistics veterans who understand the supply chain industry and have a clear vision for the product. We look forward to working with this team in the next phase of growth.”
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