Newtrul Raises Seed Round Led by Autotech Ventures to Fuel the Next Generation of Logistics Marketplaces
Summary
The capital will allow newtrul to enhance its proprietary technology to drive additional supply-side acquisition of carriers and reduce time to onboard demand side clients such as shippers and brokers. Newtrul’s platform streamlines the fragmented and inefficient process of truckload freight matching by digitizing and aggregating it into a spot marketplace that connects carriers with shippers and brokers. Freight brokers and shippers have seen an increase in load volume and tender rejections in the domestic full truckload market, driving demand for newtrul’s platform. “Newtrul represents the next generation of logistics marketplaces, embracing a fundamentally different approach of ‘neutrality’ in the way in which it connects carriers with loads from a variety of sources,” says Daniel Hoffer, Managing Director of Autotech Ventures. With over $275 million under management, the firm provides start-ups with capital and a range of portfolio services, market intelligence, scale-up support and access to its transportation focused network including dozens of corporate investors.