Business / Investing / Startups / Venture capital

Backed by $5M Series A, Conshy-based logistics company plans big hiring push

Comcast Ventures and Osage Venture Partners pumped millions into DrayNow.

Chris Whong and team at work during Reinvent Transit.

A Conshohocken, Pa.-based company called DrayNow just picked up $5 million in venture capital through a Series A round led by Comcast Ventures and Osage Venture Partners.

DrayNow, founded in March 2017, built a real-time marketplace where shipping brokers can tap into truck drivers looking for loads to haul. The platform pledges to solve for the critical “first and last mile” hurdle in intermodal freight transportation while creating access to steady, more convenient sources of income for drivers through a mobile app.

The funding will go toward a big hiring spree: Currently at 19, the company plans to up the headcount to 130–150 over the next two years, with a focus on national expansion.

“We’re passionate about removing the friction and manual processes from this niche of transportation that has struggled to innovate,” Mike Albert, founder and CEO of DrayNow, said in a statement. “Every stakeholder within the intermodal supply chain is asking for transparency and status updates in increments previously unimaginable due to our industry’s fragmentation.”

In March 2017, the company got its start thanks to a $170,000 seed round led by Genacast Ventures and funding from the cofounding team, which also includes Brad Frith and Craig Probe.

“We invested in DrayNow because the team and the technology establishes a much more efficient method for moving freight,” said Sam Landman, managing director of Comcast Ventures. “In addition to being the first mover in the space, DrayNow has demonstrated an ability to build and refine an offering that addresses its customers’ pain points.”

For Albert, the value of the platform is on the transparency it gives users on both sides of the transaction.

“We spent the past 6 months asking our customers and users what they need and then refining our platform to deliver total visibility, greater operational efficiency and other tools to help improve overall quality of life,” Albert said. “Now, with the support of our great partners, Comcast Ventures and Osage Venture Partners, we’re better positioned to swiftly move into new markets.”

Companies: DrayNow

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