New funding to boost the development of products, including Generative AI for turning conversations into freight bookings
SAN FRANCISCO, CA / ACCESSWIRE / September 14, 2023 / Parade, the leading capacity management platform for freight brokers, announced today that it has raised a $17M venture round led by I Squared Capital. Existing investors Menlo Ventures, Greenhawk Capital, Jones Capital, The House Fund, Operator Stack, and other angels also participated in the round. New investors include I Squared Capital, Earthshot Ventures, Lineage Logistics, 9Yards Capital, Redbird Capital, Rising Tide Fund, McVestCo, Ubiquoss, and strategic angels including Malte Janzarik.
The new funding will be used to develop and enhance more products that accelerate freight brokers' ability to transact freight at scale, including the use of Generative AI to turn conversations into freight bookings. Furthermore, Parade will continue to expand and deepen its integration ecosystem with new and existing partner transportation management systems (TMS), load boards, rating benchmarks, visibility platforms, and compliance solutions.
'We're excited to lead Parade's funding round at a transformative time for the freight industry, which is on the cusp of a tech revolution,' said Kevin Crull, Global InfraTech Fund Partner at I Squared Capital. 'Parade's AI-driven solutions are poised to unlock huge productivity gains in this industry often characterized by cautious adoption of technology.'
Parade's mission is to enable freight brokers to achieve superhuman scale by eliminating manual bottlenecks in buying and selling truckload capacity. The company's AI-enabled products have enabled freight brokerages to efficiently scale freight operations through its management of freight booking automation, carrier network development, and dynamic capacity pricing.
'We are thrilled to have I Squared Capital join us on this journey,' said Parade CEO and Co-Founder, Anthony Sutardja. 'We are also grateful for the continued support of our existing investors and the new investors that have joined us in this round. We could not have asked for a better coalition of freight tech and venture leaders that will help us accelerate an incredible advantage in freight for our customers.'
The round adds to a notable list of freight tech industry leaders that previously invested in Parade's Series A, including DAT Freight & Analytics, Redwood Logistics, and Rite-Hite Corp. Strategic angels include former executives from project44, Loadsmart, Transportation Insight, and MercuryGate.
Parade is the leader in software for freight brokers, offering truckload capacity management that drives carrier access and digital transformation. Reimagine freight brokerage operations through transformational software workflows, artificial intelligence (AI), and the Parade partner ecosystem. Manage relationships efficiently, increase truckload capacity, and re-utilize carriers to find the right truck at the best price at the right time. Freight brokers grow profits using Parade by booking more loads, increasing operational efficiencies, and boosting productivity. Visit us online at Parade.ai.
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