Axle, a NYC-based financial partner for modern freight brokers, raised $1.4m in pre-seed funding.
The round was led by Trucks Venture Capital, with participation from Plug and Play Ventures, 37 Angels, Fontinalis Partners, and Techstars.
The company intends to use the funds to grow the team of transportation and finance experts and to reach more small businesses.
Led by Bharath Krishnamoorthy, CEO and co-founder, Axle provides a platform focused on factoring, which gives small businesses the cash flow required to pitch, win and service competitive contracts. Features include a fully-online application and on-boarding process, as well as a dashboard to add customers, submit documentation, and track payments.
Currently, the team is focused on freight brokers – responsible for ensuring products move through trucking services.