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.”
| Funding details | Rose Rocket |
|---|---|
| Funding amount | $25 million |
| Funding round | Series A |
| Lead investors | Addition Capital and Shine Capital |
| Secondary investors | Ripple Ventures, ScaleUP Ventures, FundersClub, Y-Combinator and Kevin Mahaffey |
| Business goals for the round | Scale operations and invest in product growth |
| Total funding | $25.12 million* |
With integrations into leading telematics partners Geotab, Isaac, KeepTruckin, Samsara, Thermo King and Omnitracs, visibility platform project44, and security system SaferWatch, Rose Rocket has created a TMS that allows both carriers and 3PLs to scale at the speed of their choosing while being prepared to accelerate growth within their own walls without technology enhancements obstructing that growth.
Including integrations for accounting systems Quickbooks and Xero, along with innovative tools for commission visibility, mobile applications for drivers and advanced routing tools, the company’s platform makes it easy for carriers to add brokerage units and for brokerages to add assets without having to switch management systems.
“Rose Rocket is uniquely positioned to be the transportation industry’s first network-driven SaaS company, where collaboration between the various network participants drives growth of the platform and opens up meaningful monetization opportunities. Rose Rocket’s world-class team is bringing the right product to market at exactly the right time,” said Shine Capital’s founder and general partner, Mo Koyfman.
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