Loop, a Chicago, IL-based transportation logistics startup, raised $35M in Series B funding.
The round was led by J.P. Morgan Growth Equity Partners and Index Ventures.
The company intends to use the funds to accelerate growth and expand operations.
Led by CEO Matt McKinney and Shaosu Liu, Loop provides an AI-based transportation logistics platform to manage transportation audit & pay upgrades across the modern supply chain. The solution consolidates and analyzes all transportation financial data, and accelerates the movement of money between shippers, carriers, and brokers by:
- Improving cost visibility, showing spend to reduce financial risk and operating expenses
- Cutting unnecessary spend, automating audit and pay process to improve accuracy and increase working capital
- Optimizing transportation budgets, uncovering strategic opportunities to enhance network operations, renegotiate, and maximize margins
Loop is used by global shippers including Great Dane, GILLIG, and JPMorgan Chase; and logistics service providers including Convoy and Loadsmart.
FinSMEs
04/10/2023