Series A funding round led by Refinery Ventures, with participation from Capital Midwest, Venture 53, and the JobsOhio Growth Capital Fund
FRAYT, the last-mile on-demand delivery and logistics platform, announced that it has closed $7 million in Series A funding, led by Refinery Ventures with participation from Capital Midwest, Venture 53, and the JobsOhio Growth Capital Fund. FRAYT will use the financing to drive product innovation, support rapid market expansion and grow its leadership team.
“Last-mile delivery is extremely challenging and a major pain point in every supply chain,” said Luke Denny, co-founder and CEO of FRAYT. “We are thrilled to announce the successful completion of our series A round of funding, which will allow us to further invest in our last mile product’s capabilities and enhance the customer experience.”
“Our investors share our vision for the future of last mile logistics solutions and recognize the tremendous potential of our technology and platform. We are grateful for their support and confidence, and we are more determined than ever to deliver on our promise of superior last mile logistics services that exceed customer expectations. With this infusion of capital, we will continue to innovate and optimize our products, delivering unparalleled speed, efficiency, and reliability to our partners and customers.”
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Unlike traditional last-mile delivery solutions that are slow, manual and unable to scale, FRAYT provides an on-demand SaaS delivery platform, enabling companies to offer scheduled or same-day delivery from their desktop, mobile devices or API integration. The FRAYT platform seamlessly connects shippers with professional drivers in minutes. Once a request is posted to the marketplace, and a driver accepts the dispatch, the delivery is tracked in real time from pick up to drop off for complete visibility from start to finish. FRAYT has over 12,000 drivers across 50+ markets and over 300 customers, including Fortune 500 customers Bridgestone, Sherwin-Williams, The Tile Shop, and Cargill.
“The $124B+ last-mile delivery industry hasn’t kept up with expectations, which became more apparent during the pandemic,” stated Tim Schigel, managing partner of Refinery Ventures. “FRAYT’s innovative technology empowers companies to extend their delivery services, ensuring every item is delivered quickly and efficiently while saving time and money. I look forward to working with Luke and his team to help scale and grow the company in 2023 and beyond.”