TMS provider Rose Rocket announced on Wednesday that it has closed on a $25 million Series A round led by Addition Capital and Shine Capital with participation from Ripple Ventures, ScaleUP Ventures, FundersClub, Y-Combinator and Kevin Mahaffey.
During last year’s FreightWaves FreightTech Venture Summit, co-founder and Chief Strategy Officer Justin Balile explained that at Rose Rocket’s takeoff in 2015, there was a need for a midmarket, enterprise-grade, cloud-based technology that would allow trucking companies and freight brokerages leverage an agile technology suite to scale their businesses.
Related: How does Rose Rocket grow? (with video)
A year later, with ninefold customer growth, the Canadian company looks to continue that mission on a grander scale.
“When we started building trucking software, we found that the industry was left behind by the movement to SaaS,” said Justin Sky, CEO and co-founder of Rose Rocket.
“Over the past decade, we’ve seen the industry shift from pen and paper to on-premise systems to using modern software. This is the first time in our industry’s history where collaborative network effects are even possible. We are so excited to be able to continue building products that help our customers unlock their operations and network.”
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