Axle, a New York-based financial services platform for the freight and logistics industry, raised $10M in Series A funding.
The round was led by Crosslink Capital, FJ Labs, Flexport, Tribeca Early Stage Partners, Ron Suber (fintech investor), Jett McCandless (founder, Project44), Michael Mook (CEO, Fundopolis; principal, Big Plan Holdings), Darshan Somashekar (co-founder, EasyBib and drop.io), Mandeep Arora (founder, Cantaloupe), and Daniel Warner (SVP, sennder), Anthemis Group, Techstars, and Plug and Play Ventures.
The company intends to use the funds to expand operations, grow its client base, and further develop its payments and financing platform.
Led by CEO Bharath Krishnamoorthy and CTO Shawn Vo, Axle combines industry expertise with a technology platform to allow freight intermediaries to modernize their operations and optimize their cash flows.
In addition to factoring invoices for its freight broker clients, Axle automates their carrier payments, invoicing, and collections, and integrates with preferred Transportation Management Systems and Accounting software programs to streamline their back-office.
FinSMEs
27/05/2021
About Crosslink Capital
Crosslink Capital is a leading early-stage investor based in Menlo Park, investing in emerging growth companies since 1989. They are a proven team of early-stage business builders investing out of their ninth fund ($350M) and managing over $3.6 billion. Crosslink partners with ambitious entrepreneurs who are reshaping markets with disruptive technology. For more information, visit crosslinkcapital.com.
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