The Toronto-based transportation management software (TMS) provider Rose Rocket plans to expand into larger fleets in the enterprise and to accelerate its investments in product development and network collaboration, thanks to a $38 million venture round announced today.
The “series B” round was led by Scale Venture Partners, with continued participation from current investors Addition Capital, Shine Capital, Scale-Up Ventures, Funders Club and Y-Combinator. It brings the company’s total funding to date to $69 million.
According to Rose Rocket, the transportation industry generates more than $800 billion in annual revenue, and yet it has been left behind by the major technological improvements of the past 15 years. That means that trucking and logistics companies have only outdated solutions to solve challenges like capacity, visibility, supply chain disruptions, and labor shortages. In response, the firm says its technology helps companies bridge the gap in visibility and collaboration.
“Within the massive transportation and logistics industry, the mid-market and enterprise operate with highly custom workflows, and no two companies are the same. The TMS that wins in this space must be able to accommodate for changes in how companies work,” Alex Niehenke, general partner at Scale Venture Partners, said in a release. “Rose Rocket stands alone in its ability to serve companies of all sizes, bringing together everyone in the freight network. Its platform can fundamentally shift how transportation companies run at a time when help is desperately needed.”