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.”
Before you go...
Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.
3 ways to support our work:- Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
- Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
- Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!
