FreightRover, an Indianapolis, IN-based provider of supply chain management and payment solution technology for the transportation industry, closed on a new financing facility of up to $500m.
Crayhill Capital Management and other investors provided the financial resources.
The new facility will support the supply chain and factoring operations conducted by FreightRover’s affiliate, Rover180, which recently launched as a trade finance company focused on facilitating quick pay financing options for suppliers, with a special focus on transportation providers.
Launched in 2017 by transportation executives and led by Eric Meek, CEO, FreightRover leverages system connections, cross-sector partnerships, and process automation to offer a technology suite designed to streamline supply chain management. The platform directly integrates with existing shipper systems to automate and streamline invoicing and straight-through payment processing.
Users include Transportation One and Berry Global, among others.