Digital freight platform Hwy Haul has announced it is raising $10 million in additional funds to further expand its solution, which focuses on making shipping products across North America reliable and efficient.
The company’s new financing is being led by Eileses Capital with participation from True Blue Partners, BluePointe Ventures and FDC Partners.
“The food and fresh produce supply chain is an important network that affects multiple industries and faces immense challenges today,” Kishore Bopardikar, founder and managing partner of Eileses Capital, said in Wednesday’s press release. “We are excited to lead this investment round for Hwy Haul as they digitize the entire supply chain experience, making it more accessible and affordable for all parties.”
The company has raised a total of $20.6 million since its inception in 2018.
“Our North Star is to eliminate food waste during the transportation process,” said Syed Aman, founder and CEO of Hwy Haul, formerly the director of supply chain technology at Walmart Labs.
“Produce spends 50% of its life on a truck and one in ten truckloads is rejected, usually due to unreliable capacity not meeting their cooling needs. We believe our system can help solve this problem while reducing empty kilometers and the carbon footprint of each load.”
|Funding Details||highway haul|
|funding amount||10 million dollars|
|round of financing||Series AA|
|main investor||Eilese’s capital|
|secondary investors||True Blue Partners, BluePointe Ventures and FDC Partners|
|Business goals for the round||Grow the enterprise customer base while enhancing the digital product|
|total funding||$20.6 million|
According to Ivan Momchilov, senior director of capacity at Hwy Haul, their 3PL partners need to know their niche to offer drivers, carriers and product brokers a digital and more efficient transport experience.
“It’s not like working a traditional 3PL,” Momchilov said. “It’s about knowing the crop yield and knowing what goes into the production level. For example, has it rained in Mexico recently? Because if not, I won’t be bringing any products across the border this week or the next 10 days.”
Momchilov said knowing these intricacies helps the company create technology that allows drivers to stay on the road year-round, even when farmers are experiencing unexpectedly lower yields.
“We strategically positioned our carriers six months ago for the cargo they carry today,” he said. “We use our technology to automate drivers’ processes so that when those shipments are ready to depart, they automatically go through our carrier routing guide, keeping them busy even when their colleagues are struggling to find good cargo.”
By leveraging Momchilov’s carrier experience with the technology know-how of the founders, carriers can receive the same data analysis and reporting that Hwy Haul can offer its shippers.
In light of the recent capital injection, the company plans to develop more relationships with the largest growers, distributors, wholesalers and retailers of agricultural products in North America to continue its promise to shippers to keep them moving.
“Hwy Haul intentionally built the operational infrastructure to support the leading and most demanding companies in the fresh produce industry,” said Sunil Grover, managing partner of True Blue Partners. “The company is now going up against the established market leaders and winning. We are very excited to double our investment partnership in the next phase of sustained growth.”
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