FRAYT Series A Funding Boosts Last-Mile Delivery Solutions
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.
FRAYT, a leading last-mile on-demand delivery and logistics platform, recently announced the closing of a $7 million Series A funding round. The funding was led by Refinery Ventures, with participation from JobsOhio Growth Capital Fund. The financing will enable FRAYT to drive product innovation, accelerate market expansion, and grow its leadership team, as stated in the company’s press release.
Luke Denny, co-founder and chief executive of FRAYT, commented on the challenges of last-mile delivery:
“Last-mile delivery is extremely challenging and a major pain point in every supply chain.” He continued, “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.”
Investors See Potential in FRAYT’s Technology
“Last-mile delivery is extremely challenging and a major pain point in every supply chain.” – Luke Denny, Co-founder and CEO of FRAYT
“Our investors share our vision for the future of last mile logistics solutions and recognize the tremendous potential of our technology and platform. 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,” Denny added.
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FRAYT’s Unique On-Demand SaaS Platform
Unlike traditional last-mile delivery solutions that are often slow, manual, and unable to scale, FRAYT provides an on-demand SaaS delivery platform. This enables companies to offer scheduled or same-day delivery from their desktop, mobile devices, or through API integration. The FRAYT platform seamlessly connects shippers with professional drivers in minutes, offering real-time tracking of deliveries from pick up to drop-off for complete visibility from start to finish.
The FRAYT platform seamlessly connects shippers with professional drivers in minutes, offering real-time tracking of deliveries from pick up to drop-off.
“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.”
Impressive Growth and Customer Base
FRAYT boasts more than 12,000 drivers across over 50 markets and has over 300 customers, including Fortune 500 clients such as Bridgestone, Sherwin-Williams, The Tile Shop, and Cargill. The company’s success demonstrates its ability to cater to the needs of a wide range of businesses, from small enterprises to large corporations.
- More than 12,000 drivers
- Over 50 markets
- 300+ customers
- Fortune 500 clients
Addressing the Last-Mile Delivery Industry’s Shortcomings
FRAYT is well-positioned to become a leading player in the logistics market, ultimately benefiting consumers and businesses alike.
Tim Schigel, managing partner of Refinery Ventures, acknowledged the issues in the last-mile delivery industry, which is valued at $124 billion: “The last-mile delivery industry hasn’t kept up with expectations, which became more apparent during the pandemic.” He added, “FRAYT’s 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.”
FRAYT Series A Funding to Propel Innovation and Expansion
With the support of its investors, FRAYT is poised to revolutionize the last-mile delivery industry by improving the efficiency and reliability of its platform. The company’s ongoing commitment to product innovation and market expansion will undoubtedly contribute to its continued success in the years to come.
Some key areas of focus for FRAYT’s future development include:
- Product innovation: Enhancing the platform’s features and capabilities to better serve customer needs
- Market expansion: Reaching new markets and expanding the company’s geographical presence
- Leadership growth: Strengthening the team with industry experts and experienced professionals
Frequently Asked Questions about FRAYT Series A Funding
“FRAYT’s technology empowers companies to extend their delivery services, ensuring every item is delivered quickly and efficiently while saving time and money.” – Tim Schigel, Managing Partner of Refinery Ventures
Q: How much funding did FRAYT secure in its Series A round?
A: FRAYT secured $7 million in its Series A funding round.
Q: Who led the Series A funding for FRAYT?
A: The Series A funding was led by Refinery Ventures, with participation from JobsOhio Growth Capital Fund.
Q: What will FRAYT use the funding for?
A: FRAYT will use the funding to drive product innovation, support rapid market expansion, and grow its leadership team.
Q: How does FRAYT’s platform differ from traditional last-mile delivery solutions?
A: FRAYT provides an on-demand SaaS delivery platform that enables companies to offer scheduled or same-day delivery from their desktop, mobile devices, or API integration. The platform seamlessly connects shippers with professional drivers in minutes and offers real-time tracking of deliveries from pick up to drop-off.
The Future of Last-Mile Delivery with FRAYT Series A Funding
FRAYT’s Series A funding marks a significant milestone for the company, as it seeks to disrupt the last-mile delivery industry with its innovative technology and platform. By addressing the pain points in the supply chain and providing a more efficient, reliable, and scalable solution, FRAYT is well-positioned to become a leading player in the logistics market.
As the company continues to innovate and expand its reach, it will undoubtedly attract the attention of businesses seeking to improve their delivery services and stay ahead in the increasingly competitive world of e-commerce and logistics. With the backing of its investors, FRAYT is set to make a lasting impact on the last-mile delivery landscape, ultimately benefiting consumers and businesses alike.
Dive Deeper into Related Topics:
- Dive into the Latest News on Last-Mile Delivery Innovations here.
- Explore Cutting-Edge Developments in Logistics by clicking here.
- Stay Updated on Advancements in Trucking Technology by visiting this link.
- Learn About the Latest Trends in the Transportation Industry here.
- Uncover the Most Recent News on Supply Chain Strategies and Challenges by following this link.
Explore Industry Resources and Insights:
- FRAYT Official Website: Learn more about FRAYT’s last-mile delivery and logistics platform, as well as their mission, services, and technology.
- JobsOhio Growth Capital Fund: Discover the funding program designed to support fast-growing Ohio-based companies like FRAYT.
- Refinery Ventures: Learn about the venture capital firm that led FRAYT’s Series A funding round and its focus on innovative companies in the Midwest.
