Greycroft Partners Backs Freight Industry Veterans with $20 Million for their latest trucking initiative
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov 15, 2018--Emerge, the creators of the Private Marketplace for freight which provides a platform for connecting shippers and their carriers, today announced that they have raised $20 million dollars in a seed round. Greycroft, owned by venture capital titan Alan Patricof, lead the round with participation from other existing investors.
The firm was founded in the beginning of 2018 by industry veteran brothers, Andrew and Michael Leto. The brothers grew up in the freight industry spending summers helping their father run his air freight business. This experience would later lead them to build Globaltranz, a software-driven third-party logistics company created to help shippers better manage their freight, which was acquired earlier this year by private equity firm The Jordan Company for over $400 million.
“We invest in companies that have the potential to change the entire narrative of their perspective industry.” said Will Szczerbiak, Principal at Greycroft Partners. “Michael and Andrew’s expertise and experience in the industry are unparalleled.”
EmergeTMS’ goal is to ease the frustration, curb the disorganization and provide true real-time visibility when companies move product across the country. Their system includes quote management, real-time tracking, real-time chat, analytics, history, and automated lane/repeat shipment creation.
“Starting one of the biggest 3pls in the country, building an LTL marketplace and then creating a full truckload process has given us the insight to reduce the inefficiencies our customers experience,” said Michael Leto, CEO of EmergeTMS, “This ultimately allows customers to reduce their costs and positively impact their bottom line.”
The Leto brothers have bolstered their executive team and board with industry experts alike. Jack Holmes, former CEO of UPS Freight, one of the largest LTL carriers in the U.S. and a leading provider in truckload services until his retirement in 2016. Grant Crawford, former Fedex executive with over three decades experience in the international freight markets, joined EmergeTMS as Chief Commercial Officer.
“After being engaged in this space for many years, what Emerge is doing is the most exciting approach to solving the problems for shippers and carriers alike that I’ve ever seen,” said Jack Holmes, former CEO of UPS Freight.
A web-based truckload management system focused on connecting shippers and their partners when executing full truckload transactions. Our system includes quote management, real-time tracking, real-time chat, analytics, history, and automated lane/repeat shipment creation.
About Greycroft Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages in excess of $1 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club,Venmo,WideOrbit, and Yeahka.
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CONTACT: For Greycroft
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: TRANSPORT TRUCKING AUTOMOTIVE GENERAL AUTOMOTIVE
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PUB: 11/15/2018 10:30 AM/DISC: 11/15/2018 10:30 AM