Human beings are known for a ton of different things, but what they remain best known for is their ability to grow on a consistent basis. This ability, in particular, has allowed us to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such a notable presence, though, is predicated upon its unique skill-set, which gave us a chance at all those possibilities that we could have never imagined otherwise. However, once you look a little deeper, you’ll see how the whole runner was also inspired by the way we applied the stated skills in a real-world setting. The latter component, in fact, did a lot to give the creation a spectrum-wide presence, and consequentially, kickstart a tech revolution. Now, as we know, this revolution will go on to make us better in every conceivable regard, but even after achieving so much, it will just continue to produce the right goods under one capacity or the other. The same has only turned more and more evident over the recent past, and a new piece of funding should take it a notch up moving forward.
Denim, the fintech platform for freight and logistics formerly known as Axle Payments, has successfully secured over $126 million in Series B financing. Led by Pelion Venture Partners, the round went on to see many other participants, including Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashiond Ventures. The newly-raised cash, which is a combination of $26 million in equity and the remaining $100 million in debt financing, will be used to scale up the business from a holistic standpoint, while a chunk of the funds will also go towards providing Denim’s customers with working capital. Founded in 2019, Denim has made a name for itself by offering cutting-edge financial products, operations tools, and automated workflows for freight brokers. This, on a granular level, translates to handling everything from broker invoicing to collection and payments. An example of how Denim helps brokers in regards to simplifying their financial operations is even evident in the platform’s openness to integrate with various accounting software such as QuickBooks. This allows the broker to share data between several different systems. Of course, they can learn about the whole picture with the help of a comprehensive dashboard, which has metrics like pending or completed jobs, total factored amounts, the most frequently used carriers, and the fastest-paying customers.
So far, Denim has connected more than 7,000 freight brokers, shippers and carriers, and as for the company’s employee count, it stands around 100 at the moment. However, taking the new cash injection into consideration, both the figures are expected go up in the near future.
“Despite the slowdown, Denim is uniquely positioned to continue scaling its platform and workforce. We’ve established a financial model based on healthy unit economics,” Bharath Krishnamoorthy, CEO and co-founder of Denim. “We’re bringing new solutions to market to give freight brokers the ability to seamlessly operate at full capacity and adapt to changes in the supply chain. And we’re hiring talent that not only aligns with our business goals but with our core values.”