Convey, an Austin-based shipping software provider and Techstars alum, announced on Tuesday that it has raised a $8.25 million Series B.
The funding came from Techstars Venture Capital Fund, RPM Ventures and a handful of individual investors.
Convey will use the funding to enter new market verticals like construction and building materials, medical devices, and pharmaceuticals, as well as to grow its Austin team with new hires in product development, engineering and customer success.
“We are extremely excited by the opportunity that our Series B presents to continue aggressively building out our team and product capabilities through the end of the year and beyond,” said CEO Rob Taylor.
Since its 2013 launch, Convey has raised more than $15 million in capital while growing a portfolio of clients that includes Build.com, BuildDirect, Power Equipment Direct, ShoppersChoice.com and Vitalize.
Its cloud-based delivery platform provides shippers with global supply chain analytics and communication tools that save clients an average of 11 percent on freight costs.
Convey was growing quickly even before landing its most recent funding round. The startup said year-over-year bookings are up 340 percent, and that its new customer growth is up more than 150 percent.
“The growth we’ve experienced is a direct result of the incredible team we’ve built,” said Taylor. “While our success is partly a result of the shifting tide towards customer-centric supply chains, we could not have taken advantage of that market opportunity without the team and product we’ve developed over the last three years.”
That team is about to grow. By the end of 2017, the company is expected to double its headcount.
“We’ve developed a diverse team from many different backgrounds and experiences,” said Taylor. “Across the board, though, our core values include being passionate about creating customer value, thriving on pioneering new ideas to solve both old and new problems, and, above all, always being committed to doing things the right way."
Taylor said Convey has been able to stand out in the marketplace by providing an end-to-end solution for its customers.
“Lots of companies offer transportation visibility solutions, or customer communication and tracking solutions, but Convey is the only company that is both identifying issues in transit and also providing the tools to address them in ways that measurably impact the outcome,” said Taylor.
The startup graduated from Techstars Austin in 2014 as part of the accelerator's thirty-eighth cohort. Today’s funding marks the second time Techstars Venture has invested in the startup, following last summer’s $4.5 million Series A.
Image via Convey's website.
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