Dray Alliance, a near Port of Long Beach based startup focused on building a container trucking platform to deliver shipping containers from ports to warehouses efficiently, completed a $40M Series B funding.
The round includes $20M equity financing from Headline, Craft Ventures, Harpoon Ventures, Matrix Partners and Quiet Capital, with an additional $20M working capital financing from J.P. Morgan.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Steve Wen, Co-Founder and CEO, Dray Alliance has developed a software platform that provides complete container management, including automated status notifications, real-time GPS tracking and document management and analytics for every container. The platform also provides a marketplace that connects shippers to the Dray Alliance network of vetted truckers, enabling capacity that adjusts based on supply chain needs.
The digital platform leverages data, automation and a mobile app for truckers to deliver shipping containers more efficiently for some of the largest brands in the country.