Axle Funds Rebrands to Denim, Raises $126 Million to Scale Monetary Automation and Funds Plat
NEW YORK – Sept 15, 2022 – Denim, the main monetary enablement platform for the freight and logistics business, as we speak introduced the closing of a $126 million Collection B led by Pelion Enterprise Companions, together with $26 million in fairness financing and $100 million in debt financing. The funding is a mix of fairness to scale its platform and debt financing to offer working capital to freight brokerages. Together with its new capital, the corporate additionally reintroduced itself as Denim.
“The core problem our purchasers face is adapting to the pressures of an more and more complicated and unpredictable provide chain. Freight brokers — and the shippers and carriers they work with — should discover methods to evolve how they do enterprise along with smarter instruments,” mentioned Bharath Krishnamoorthy, chief govt officer and co-founder of Denim. “Denim is pioneering the monetary enablement market to satisfy this problem, benefiting all events alongside the availability chain. With the assist of our traders, we’ll proceed to scale and serve our purchasers whereas strengthening our place as a funds ecosystem that powers the availability chain.”
Final yr, Denim quadrupled its income, and this yr facilitated almost 60,000 jobs between shippers, carriers and freight brokers by means of its platform. This yr alone, the model scaled the staff 200%. Denim will leverage the funding to proceed scaling the staff and gasoline product growth efforts to satisfy the rising wants of the $134 billion freight dealer market. Particularly, Denim will proceed to construct on its sturdy buyer demand by offering versatile financing and automation instruments that scale back every day funds and collections duties by 75%.
The Collection B funding spherical, which was led by Pelion Enterprise Companions, included participation from Crosslink Capital, Anthemis, Vehicles VC, FJ Labs, Tribeca Early Stage Companions, and Refashiond Ventures. In complete, Denim has raised $165 million in three years.
“Denim’s innovation throughout the freight and logistics area has linked 1000’s by means of a funds infrastructure that streamlines the circulation of cash and knowledge — an space the place we see an awesome want for technological development and one the place Denim will proceed to capitalize. We’re excited to associate with Bharath, Shawn, the remainder of Denim’s management staff, and our co-investors as the corporate continues its progress trajectory,” mentioned Blake Modersitzki, managing associate at Pelion Enterprise Companions.
The brand new model, Denim, symbolizes the corporate’s purpose to construct a stronger provide chain by means of dependable, versatile and easy-to-use instruments. Akin to how denim revolutionized the way in which individuals work and costume, Denim’s monetary enablement platform is on a path to creating freight cargo funds simple and reliable at each step of the availability chain.
“Denim embodies who we’re as a staff and what we need to obtain within the freight and logistics business – to be a dependable, important, and common associate to our purchasers,” mentioned Shawn Vo, chief know-how officer and co-founder of Denim. “Within the final yr, our enterprise has advanced and grown dramatically, together with enhancements to our platform that assist our purchasers optimize their monetary selections and appreciable additions to our groups. We’re excited to unveil our new identify and branding as we transfer into the subsequent part of progress.”
For extra data, please go to www.Denim.com or comply with Denim on Fb, LinkedIn, and Twitter.
About Denim
Denim is a monetary enablement platform for the logistics business that provides an ecosystem of clever monetary merchandise, operations instruments, and time-saving automation. Its proprietary know-how permits freight brokers to simplify their financing operations and simply entry the working capital they should develop within the aggressive, $2 trillion logistics market. Denim automates invoicing, collections, and funds — finally lowering every day funds and collections duties by 75%. A remote-first firm, Denim has been named a Greatest Place To Work by Constructed In and Greatest Office for Innovators by Quick Firm. Denim isn’t related to Axle Logistics.
