Recent Techstar graduate Pivot Freight is celebrating more than just the new year.
The LTL freight shipping rate comparison website has raised $2.8 million in new financing led by Austin-based Silverton Partners, with participation from Techstars Bullet Time Ventures, Capital Factory, Hurt Family Investments and several Angels. The company also announced that BlackLocus President and Techstars mentor Rob Taylor will be joining the company as CEO.
"Our objectives for 2015 are to gain enough traction so we can aggresively grow the company and then set ourselves up for another round of financing at end of year or maybe early the following year," Taylor said. "That's with the longer term vision of building a big company."
The company plans to use the new financing to expand the team with hires in engineering and sales and also improve the product.
“This capital infusion and the addition of Rob to the founding team enables us to accelerate our growth, and we are thrilled to now make Austin our home. The support ecosystem here for emerging technology companies has been incredible,” said Dan Bebout, Founder and President in a statement.
“As an involved member of the early stage tech ecosystem in Austin, I’ve been energized by the quality of entrepreneurs and ideas from programs like Capital Factory and Techstars, and was immediately attracted to the Pivot Freight team with their knowledge and relationships in the freight industry. The LTL segment in particular is ready for some technology enabled improvements and we are seeing strong early demand from customers. As a result, we are now ready to expand our leadership team in Engineering and Sales,” Taylor said in a statement.
Pivot Freight was formed in 2013 in Phoenix and joined Techstars in the summer of 2014 when it moved its headquarters to Austin. It currently is working out of the Techstars office, though it plans to move into a new space in February. Pivot Freight has six employees.
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