Banyan Technology, a Cleveland, Ohio-based provider of software that streamlines the management process for Less-than-Truckload (LTL) and truckload freight, received $2m in non-dilutive capital.
River SaaS Capital, a newly formed private debt fund lending growth capital to SaaS companies, provided the financing.
The new capital allows the company to simplify its existing debt structure to focus on growing its customer base and partnerships by hiring sales people.
Led by Brian Smith, CEO, Banyan provides cloud-based transportation software for manufacturers and distributors to connect them directly to their preferred carriers. The company serves direct manufacturers and distributors, as well as third-party logistics service providers, and warehouse and manufacturing software companies.