Seattle-based Logixboard announced Wednesday it has closed on a $32 million series B round led by by Insight Partners with participation from existing investors including Redpoint Ventures, F-Prime Capital, Social Leverage and Founders’ Co-op to continue expanding the capabilities of its white-label platform for freight forwarders and logistics providers.
Logixboard raised $13 million in a series A round led by Redpoint Ventures in April and has raised a total of $50.8 million since 2016.
“We are going to be focusing much more on the customer experience,” co-founder and CEO Julian Alvarez told FreightWaves at the supply chain conference Manifest.
“How can we help them digitize their customer experience at every touch point? [Global logistics technology] is no longer just about visibility tools. Can we help those customers place bookings, new order requests and payment processing?”
The new capital will go toward adding more integrations to the company’s white-label solution, building out new capabilities that will not only accelerate global logistics’ digital transformation but help freight forwarders and providers increase revenue drastically.
“Product usage has increased 900% this year, leading to our customers increasing revenue by $9.4 million over a yearly basis,” said Alvarez. “We are finding that if we can focus heavily on the customer experience, we can deliver tremendous value to our customers, and that’s what it’s all about.”
International and domestic logistics provider RIM Logistics experienced this growth firsthand.
“In three months, we fully implemented Logixboard, and not only did this help us retain our current customers, but we won an additional $50 million worth of new revenue thanks to our ability to provide an effortless, tech-based shipping experience when our competitors couldn’t. The already-fierce competition among traditional freight forwarders is only heightened by the emergence of upstart digitalization providers, so having Logixboard on our side is a vital piece to our future success,” explained Brandan Mueller, vice president of North America for RIM Logistics.
To expand the solutions capabilities, Alvarez plans to grow his team of 57 employees to 140 by the end of the year, investing deeply in product development roles to continue building custom products to help freight forwarders scale their global operations.
“We tell freight forwarders, there is no silver bullet [solution] in the market. Our promise to them is to make sure we keep them ahead of the digital curve and constantly be monitoring where the industry is heading,” said Alvarez.