Dynamic pricing platform Greenscreens.ai announced Tuesday it has closed a $5 million Series A investment led by existing investor Tiger Global Management as the company looks to focus on its “core market and continuing to elevate 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 historic high rates and constrained capacity, which made it super important for companies to be able to dynamically price according to real-time market dynamics to ensure that they were not losing money,” she explained.
“Today in a down market it remains incredibly important for companies to be able to remain competitive. The business is harder to win and having a dynamic pricing infrastructure allows companies to not only maximize their win rates, and win more of the opportunities they have to bid on, but also to ensure that they are winning more margin on the business they do win.”
Salvucci-Favier said a year ago Greenscreens.ai had eight customers taking advantage of its dynamic pricing infrastructure, and due to aggressive market swings, the company has added more than 60 customers, including companies like Yellow Logistics, U.S. Foods, Primo Logistics, Giltner Logistics and R2 Logistics.
|Funding amount||$5 million|
|Funding round||Series A|
|Lead investor||Tiger Global|
|Business goals for the round||Scale current technology, add modes of transportation|
|Total funding||$10.8 million*|
|Post-money valuation||$65 million*|
“Our ARR has increased 550% year over year. With this customer growth we have been able to accumulate approximately $10 billion in transactional data and over 7 million transactions with over 2,000 users,” Salvucci-Favier said.
With its new capital, the company is looking to focus on its pricing platform, including expanding into different modes of transportation.
“Over the past 10 months we’ve focused our efforts on not only continuing to improve the accuracy of our machine-learning model but also providing our customers with transparency into how well the platform is performing for their business. … We will continue our ecosystem expansion, powering even more flexibility in quoting and securing capacity as well as some tactical expansion into additional modes and methods of transportation,” Salvucci-Favier said.
Tiger Global investor adviser Nate Lippincott said, “By offering dynamic pricing infrastructure for the logistics industry, the Greenscreens.ai team has created a platform that can 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 are excited to partner with this team on their next phase of growth.”