- Onward Delivery recently announced the completion of an oversubscribed $ 4.7 million seed funding round. These are the details.
Onward Delivery – a freight marketplace that connects retail stores with underused trucks already on the road – recently announced that it has closed an oversubscribed $ 4.7 million seed funding round, led by Range Ventures and Matchstick Ventures and comprising follow-on investments from Springtime Ventures and others.
This cycle also includes the participation of angel investors including Andrew Leto (Founder and CEO of Emerge), Jett McCandless (Founder and CEO of Project44), Sean Henry (Founder and CEO of STORD), James Eberhard (Founder and CEO of Fluid Truck), Mark Joseph (member of the Rubicon board of directors) and Leo Polovets (general partner of Susa Ventures) and several others.
Onward Delivery was launched in 2020 after its founders experienced the inefficiencies of freight brokerage by working directly in the industry. And on average, it takes almost 35 days to ship a major appliance or piece of furniture to a customer, as many retail stores rely only on one delivery company in each market. Market fragmentation has resulted in the underutilization of box trucks, revealing a significant opportunity for Onward to automate last mile delivery and accelerate the time between ordering and overnight delivery.
Onward’s platform allows shippers to place shipments on its load board, where they are then instantly rated and intelligently associated with a truck already headed in the same direction. And Onward’s platform streamlines a historically archaic industry by digitizing documents and processes throughout the last mile, allowing truck drivers to make more deliveries in less time. Onward’s automatic scheduling feature removes the burden of extensive communications between drivers, customers and shippers with just one click.
Backed by Techstars, Onward partners with 75 retail stores in 6 states and is actively seeking to forge new partnerships with retailers and expand into more markets across the country. And some of Onward’s retail partners include Slumberland Furniture, Bassett Furniture, Woodley’s Fine Furniture, Element Home, and The Tile Shop. Today, Onward operates in Iowa, Colorado, Nebraska, Georgia, Kansas and Missouri.
As Onward looks to the future, the company plans to expand operations to Texas, California, Florida and Wisconsin over the next year. And that funding will be allocated to hire engineers to further develop Onward’s SaaS platform and strengthen the market, with an eye on integrations to make shipments a one-click process. More Onward is focused on aggressively building its sales team with the goal of entering a total of 15 markets by the end of 2022.
âWith the continuing shortage of drivers and supply chain issues, there is an urgent need to automate and digitize last mile delivery. Our technology connects retailers to unused cargo space already on the road, making drivers more efficient. With the completion of our seed cycle, we are delighted to have the support necessary to grow our operations to resolve one of the greatest crises of our time. ”
– Grafton Elliott, CEO of Onward Delivery
âWe believe that Onward Delivery is well positioned to innovate in an industry in which we have historically been underinvested. At a time when everyone is talking about the need to solve supply chain challenges, Matchstick is eager to see Onward deliver last mile. solution to more markets across the country.
– Nathaniel Zola, Managing Member at Matchstick Ventures
âIt is clear that solutions based on automation and digitization are needed to tackle the crisis in the supply chain. We are proud to be a primary investor in the seed cycle for an efficient and environmentally friendly approach to last mile delivery and have great confidence in Grafton and the Onward team to seize this important opportunity. ”
– Adam Burrows, Managing Director of Range Ventures