US-based courier startup Roadie secured $15m today in a series B round it told PEhub included logistics company UPS, which invested through its Strategic Enterprise Fund.
Although Roadie did not disclose the round’s participants in its initial announcement, it told PEhub the “overwhelming majority of our initial investors recommitted for our series B round, with prominent roles played by” UPS Strategic Enterprise Fund, TomorrowVentures and Warren Stephens of financial services firm Stephens Inc.
The round also included H. Barton Asset Management , David Bonderman of TPG Capital and Alan Schwartz of Guggenheim Partners.
Launched in January 2015, Roadie offers what it calls an on-the-way delivery network, enabling users to deliver parcels the same day by utilising drivers in its network who were already embarking on the journey in question.
Users can get a cost estimate for their package through the Roadie app and up to $10,000 of protection for items from UPS through its financial services unit, UPS Capital.
Rimas Kapeskas, managing director of UPS Strategic Enterprise Fund, said: “We believe the sharing economy is creating interesting opportunities, as both small businesses and consumers look for new ways to move things more quickly and efficiently than ever before.
“The UPS Strategic Enterprise Fund creates a progressive way for us to collaborate and learn from companies like Roadie, who are exploring new business models and building new technologies that can transform the future direction of the logistics industry.”
The funding will help Roadie form new partnerships as it expands its capacity and distribution network. It follows a $10m round in January 2015 led by Warren Stephens that included UPS Strategic Enterprise Fund, Alan Schwartz and Jim McKelvey.