FOR IMMEDIATE RELEASE
Parade Secures $12.7M Funding to Accelerate Expansion
Investment to speed digital adoption, expand capabilities, grow its team, and strengthen connectivity with its 3rd-party partner ecosystem
San Francisco, CA —February 9, 2022—Parade, the leader in carrier access and truckload capacity management platform software for freight brokers, announces securing $12.7M in Series A funding led by Menlo Ventures. The round includes investment from Greenhawk Capital, Jones Capital, and participation from leaders in supply chain & freight tech leaders. The company will use its latest investment to accelerate digital adoption, expand capabilities, grow its team, and strengthen connectivity with its third-party partner ecosystem.
"Supply chain digitization is at a tipping point, as logistics service providers increasingly rely on more connected workflows to maximize efficiency and speed," said Steve Sloane, Partner, Menlo Ventures. "Parade empowers all freight brokers to go digital, with powerful tools and technology to optimize workflows, manage carrier relationships and operate more strategically." Sloane is an active investor in supply chain and logistics startups. With this investment, he will join Parade’s Board of Directors.
"Freight brokerages have been on the front lines of managing supply chain volatility by helping shippers find available trucks. Our team is eager to use this latest round of funding to speed up tech-enablement for all freight brokers so that they can optimize and grow their businesses," said Anthony Sutardja, co-founder and CEO, Parade. "The team saw digital transactions managed by Parade customers increase by more than 500% last year. Customers continue to recognize and reward Parade for innovation and providing a best-in-class freight brokerage software as the industry shifts towards more real-time and collaborative ways of doing business."
The Series A round includes continued participation from Jones Capital, The House Fund, and Oriza Ventures. This announcement complements Parade's undisclosed seed financing to reach $18.4M in total capital raised. Early funding sources include Arena Ventures, BASE Ventures, at.inc/, and other strategic industries leaders.
Parade enables any freight brokerage to go digital by providing tools and infrastructure. Parade’s broker customers find and book trucks online using its AI-enabled Truckload Capacity Management Platform.
Over the past year, Parade has brought to market its core product: Capacity Management for freight brokers. The platform works by layering on top of a freight broker’s existing systems, such as its Transportation Management System (TMS), to supercharge a freight broker’s capabilities to find availability of trucks, digitally transact loads, and grow business. Parade’s customers include major freight brokerages like Armstrong Transport Group, Schneider, and Worldwide Express.
Parade’s expansion signals its continued dedication to build and serve best-in-class technologies for freight brokers to help them unlock efficiencies and grow their business. Parade is actively hiring, especially for engineering and product positions; visit parade.ai, in the footer, click to “Join Our Team.”
About Menlo Ventures
Menlo Ventures is a venture capital firm that strives to have a positive impact on everything we do. That’s why we support businesses including Benchling, Chime, Carta, Poshmark, Uber, and Roku that are reimagining life and work for the better. Over 43 years, we’ve grown a portfolio that includes more than 70 public companies, over 100 mergers and acquisitions, and $5.5 billion under management. We invest at every stage and in every sector, with expertise in Consumer, Enterprise, and Healthcare. From developing market strategies to creating communities, we provide real impact where entrepreneurs need it most. When we’re in, we’re all in.
Parade is the leader in software for freight brokers, offering truckload capacity management to drive carrier access and digital transformation. Its technologies and partner ecosystem let Parade-powered freight brokers reach any trucking company in North America across all types and sizes of carriers.
Founded in 2015 by Preet Sivia, Anthony Sutardja, and Tony Wu, Parade has reimagined freight brokerage (operations) workflows through transformational software (workflows) operations. Select Parade to manage relationships efficiently, increase truckload capacity, and re-utilize carriers to find the right truck at the best price. As the leading carrier access and truckload capacity management platform software for freight brokers, Parade helps book more loads and make more money. Visit us online at Parade.ai.https://www.blog.parade.ai/post/parade-secures-12-7m-funding-to-accelerate-expansion