OneMorePallet, a Cincinnati, OH-based discount freight shipping website, raised $325k in funding.
Queen City Angels (QCA) made the investment.
The company, which has raised $692k to date, intends to use the funds to increase customer acquisition efforts, and further improve the customer experience on the site.
Led by Bill Cunningham, founder and chief executive officer, OneMorePallet provides a technology platform matching small businesses that need to move freight shipped on pallets with less-than-truckload (LTL) carriers that are looking to fill unused space at a discounted rate.
It allows customers to name their own shipping price, and then the software determines if there is a match. If there is no match, customers can raise their bid or try again later as the market dynamics with supply and demand.
The company, which takes a small fee for every transaction, target U.S.-based small business manufacturers, distributors, and breweries with under $10m in sales that don’t ship enough volume to get bulk-rate carrier discounts.
Since launching in late 2012, OneMorePallet fulfilled over 300 shipments for 75 customers including iWireless, National Band and Tag Co., Rheingesit Brewery and Mt. Carmel Brewing Company.
The company partners with 32 carriers, includeing Old Dominion, YRC Freight, Road Runner, and the Castellini Group of Companies.
It is in the process of raising another $350k.
FinSMEs
22/04/2014