US-based freight shipping marketplace operator Fleet has closed a $10m series A round led by air carrier Lufthansa’s freight subsidiary, Lufthansa Cargo, which included logistics firm UPS.
The round also featured venture capital firms UP2398, Hunt Technology Ventures, VC fund 1517 Fund and existing investors Placid Ventures, Latam Partners, GrowthX Fund, NFQ, Telegraph Hill Capital and David S. Hunt, the founder of Hunt Technology Ventures.
Founded in 2014, Fleet has built an online logistics and shipping marketplace that allows customers to buy freight services from participating shippers based on feedback and pricing quotes provided.
The platform can handle payments for its users, store shipping documentation and facilitate contact between buyers and sellers.
Fleet will use the capital to support growth as it prepares to recruit additional personnel and further develop its product. Alexis von Hoensbroech, chief commercial officer of Lufthansa Cargo, will join Fleet’s board of directors in conjunction with the investment.
Hunt Technology Ventures led Fleet’s $4m seed round in April 2016, which included 1517 Fund, Placid Ventures, Latam Partners, GrowthX Fund, NFQ Ventures, Telegraph Hill Capital and David S. Hunt.