Summary List Placement
Consumer habits massively shifted online during the coronavirus pandemic, which meant businesses needed to adapt delivery models. The shift gave delivery and logistics companies a massive boost.
Onfleet, a last-mile delivery-management software company, is one such provider. The startup just raised a $14 million Series A led by Kennet Partners at the end of October following a year of massive growth.
Onfleet powers deliveries for companies including Kroger, Sweetgreen, Drizly, Imperfect Foods, all of which saw demand skyrocket in 2020. It helps brands manage third-party delivery fleets via its platform, which features delivery tracking, notifications, proof of delivery, and other logistics.
Founded in 2015, the company says it’s been profitable for “several years.” It raised about $5 million in equity funding through its seed round between 2015 and 2016, followed by revenue-based debt financing from Lightyear Capital. Previously, the company had been slowly hiring in line with revenue growth, Khaled Naim, CEO and co-founder of Onfleet, told Business Insider.
But when the coronavirus pandemic hit, it saw demand spike.
“It was clear that we needed to really scale the team ahead of our revenue growth,” Naim said. “Our revenue is growing really fast, but new customers were coming in the door. We …read more
Source:: Businessinsider – Finance