Denim Raises $126M to Develop Finance and Payments Automation Platform for the Freight Industry
NEW YORK – September 15, 2022 – Denim, the leading financial enablement platform for the freight and logistics industry, today announced the closing of a $126 million Series B led by Pelion Venture Partners, including $26 million in equity financing and $100 million in debt financing. The funding is a combination of equity to scale its platform and debt funding to provide working capital for freight brokers. Along with its new capital, the company also re-entered as Denim.
“The main challenge our customers face is adapting to the pressures of an increasingly complex and unpredictable supply chain. Freight brokers – and the shippers and carriers they work with – need to find ways to evolve the way they work with smarter tools,” said Bharath Krishnamoorthy, CEO and co-founder of Denim. “Denim is pioneering the financially empowered market to meet this challenge, to the benefit of all parties in the supply chain. With the support of our investors, we will continue to evolve and serve our customers while strengthening our position as a payments ecosystem that powers the supply chain.
Last year, Denim quadrupled its revenue and this year facilitated nearly 60,000 jobs between shippers, carriers and freight brokers through its platform. This year alone, the brand has expanded the team by 200%. Denim will leverage the funding to continue to scale the team and fuel product expansion efforts to meet the growing needs of the $134 billion freight broker market. Specifically, Denim will continue to build on strong customer demand by providing flexible finance and automation tools that reduce day-to-day payments and collection tasks by 75%.
The Series B funding round, led by Pelion Venture Partners, included participation from Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashiond Ventures. In total, Denim has raised $165 million in three years.
“Denim’s innovation in freight and logistics has connected thousands of people through a payments infrastructure that streamlines the flow of money and data – an area where we see a great need for technological advancement and where Denim will continue to capitalize. We are excited to partner with Bharath, Shawn, the rest of Denim’s management team and our co-investors as the company continues its growth trajectory,” said Blake Modersitzki, Managing Partner at Pelion Venture Partners.
The new brand, Denim, symbolizes the company’s goal of building a stronger supply chain through reliable, flexible and easy-to-use tools. Similar to how denim revolutionized the way people work and dress, Denim’s financial enablement platform is well on its way to making freight shipping payments easy and reliable at every stage of the journey. Supply Chain.
“Denim embodies who we are as a team and what we want to achieve in the freight and logistics industry – to be a reliable, essential and universal partner for our customers,” said Shawn Vo, Chief Technology Officer and co-founder of Denim. . “Over the past year, our business has evolved and grown significantly, including enhancements to our platform that help our clients optimize their financial decisions and significant additions to our teams. We are excited to unveil our new name and branding as we enter the next phase of growth. »
For more information, visit www.Denim.com or follow Denim on Facebook, LinkedIn and Twitter.
Denim is a financial enablement platform for the logistics industry that offers an ecosystem of smart financial products, time-saving operations and automation tools. Its proprietary technology enables freight brokers to simplify their financing transactions and easily access the working capital they need to grow in the competitive $2 trillion logistics market. Denim automates invoicing, collections and payments, reducing daily payment and collections tasks by 75%. A remote company, Denim was named Best Place To Work by Built In and Best Workplace for Innovators by Fast Company. Denim is not associated with Axle Logistics.