Logistics payment software RoadSync announced Thursday it has raised $30 million in Series B funding led by Tiger Global with participation from Base10 Partners, Hyde Park Venture Partners and its new investor, Gaingels. The company has raised $38.3 million since 2015.
“RoadSync provides solutions that are modernizing an essential industry that gets goods into the hands of consumers every day,” said John Curtius, a partner at Tiger Global. “We are pleased to partner with an innovator in such a vital space that will create significant change and we look forward to being part of what’s next.”
RoadSync’s software products aim to simplify many of the payment transactions that have historically created headaches for shippers, warehouse managers, fleet operators and towing companies.
Payments for services including lumper, warehousing and repairs can be handled through the company’s Checkout software with a credit card or fleet check. These cashless payments make the payment process quick and allow more oversight for both parties to monitor their daily payouts and revenue to improve accounting operations and visibility.
Funding details: RoadSync
|Funding amount||$30 million|
|Funding round||Series B|
|Lead investors||Tiger Global|
|Secondary investors||Base10 Partners, Hyde Park Venture Partners, Gaingels|
|Business goals for the round||Expand product suite and recruit for product, engineering, operations and sales roles.|
|Total Funding||$38.3 million|
RoadSync understands the headaches that can be caused by hidden fees and enables warehouses, towing and repair companies to create digital work orders for authorization, eliminating the fuzziness that can come with these unforeseen situations.
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In addition to Checkout, RoadSync’s API integration into its customers’ existing accounting application and payment processes allow all parties to concentrate on providing their services without worrying about payment once that service is completed.
Earlier this month, the company announced it has partnered with the truck stop and service center network AMBEST to help drivers get their trucks serviced and back on the road faster.
The company has also expanded into services outside of payment with its proprietary online merchant directory, BigRig411. This search engine helps customers find services within the RoadSync network, including mobile truck repair, towing, parts dealers and truck wash facilities.
With the new funds, the company will continue to expand its suite of services and recruit team members for sales, operations, engineering and product development.
“Our mission is to streamline and consolidate this entire experience for the logistics industry, removing friction for carriers, brokers, drivers and vendors and uniting previously disconnected financial and software platforms into a single, financial home,” said RoadSync CEO Robin Gregg in the release. “With this infusion of capital, we will broaden our product suite to ensure this vital industry has access to best-in-class financial solutions.”