DrayNow Continues Expansion to Texas and California

First technology platform purpose-built for intermodal trucking industry sets sights on nationwide growth with market and team expansion

Philadelphia, PA. and IANA Intermodal Expo (BusinessWire – September 17, 2018)DrayNow, the first real-time marketplace transforming the way Intermodal shipping brokers connect with available motor carriers, today announced its expansion into Dallas, Texas and Southern California. Additionally, DrayNow announced the hiring of new team members, including expanding their Leadership Team. Attendees of the IANA Intermodal Expo are encouraged to visit booth #334 to learn more and receive a demo of the DrayNow Marketplace and meet the team.  

With nearly one-third of the roughly 60 intermodal brokers signed up for the platform to date, DrayNow has enjoyed steady revenue growth and freight volume increases throughout 2018 while serving the Chicago and Atlanta markets. It looks to continue that momentum with its expansion into Dallas, Texas and Southern California. 

“Expanding into Dallas and Los Angeles continues to solidify our DrayNow model,” said Mike Albert, founder and CEO of DrayNow. “Our Marketplace provides brokers with a better tool to manage a highly fragmented and regional business and gives carriers a single app for finding loads. More importantly, it provides everyone with transparency and real-time information while removing the waste that is far too common in Intermodal Drayage.”

“We’re proud to have been the first company to move a load on the DrayNow platform,” said Christopher Brach, Vice President, Operations for Radiant Clipper, a subsidiary of Radiant Global Logistics, Inc. “The innovative technology that is a part of the DrayNow platform has allowed our team to work more efficiently and has opened up new capacity and thought processes within the intermodal space. Our Operations Team has benefited from the gains provided by using this tech driven solution and our customers are also experiencing enhanced service, thanks to better visibility of the drayage portion of their moves that the tool provides.  This differentiated method of booking dray has allowed us to approach some of our business in new ways which is very exciting for our Team.  We only see this relationship continuing to grow as DrayNow enters new markets.”

In addition to expanding its reach, DrayNow has strengthened the leadership team by attracting key hires with deep technology and logistics expertise. Tom Shawver, DrayNow’s CTO, joined after development and leadership roles at eBay and Leadnomics.

“Although Tom has been a member of the team for less than a year, his impact on our platform has been extensive. He also understands the industry’s reality, but believes legacy platforms do not stand in the way of progress,” says Mike Albert.

Drew Holland has joined the team as VP of Operations & Strategy, coming from UBER, where he was most recently responsible for defining and managing the rollout of the Uber Eats product strategy and roadmap for enterprise restaurants globally. Albert added, “His UBER experience was certainly interesting, but more importantly his acuity to use business metrics to move quickly to create an absolutely frictionless experience made him the obvious choice.”

DrayNow has doubled its overall team in the past 60 days to provide experienced, hands-on support to brokers and carriers.

“Backed by strong support from our great partners in Comcast Ventures and Osage Venture Partners, we’re able to accelerate our growth strategy,” said Albert. “We’re thrilled to have Tom and Drew join the DrayNow team. Their expertise is a welcome addition to our company. Although we are expanding, our mission remains steadfast; remove the waste, bring transparency, and bring common sense solutions for customers and carriers.”

About DrayNow

DrayNow provides technology-driven solutions and operational acuity to the intermodal freight industry. Led by industry veterans, the company operates the first intermodal marketplace connecting brokers to available carriers. The DrayNow Marketplace is accessed by Third-Party Logistics (3PLs), Intermodal Marketing Companies (IMCs), and brokers through a desktop interface where users can view truck capacity in real-time, post loads, track load status and obtain electronic documents immediately. With DrayNow’s mobile application, truck drivers can get turnkey access to Intermodal freight, browse loads, compare rates and details, select loads, deliver loads and get paid faster.

 

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Contacts

Christina Manning (for DrayNow)

Broadpath, Inc.

(215) 644-6509

cmanning@broadpathpr.com

Brad Frith
DrayNow Raises $5 Million in Series A Financing from Comcast Ventures and Osage Venture Partners

The Intermodal trucking industry’s first technology platform for freight booking and tracking gains momentum in the hot shipping & logistics sector.

August 28, 2018 08:00 AM Eastern Standard Time

Philadelphia, PA. – (BusinessWire) – DrayNow, the first real-time marketplace transforming the way Intermodal shipping brokers connect with available motor carriers, has completed its Series A funding of $5 million, led by Comcast Ventures and joined by Osage Venture Partners.

“We’re passionate about removing the friction and manual processes from this niche of transportation that has struggled to innovate,” said Mike Albert, founder and CEO of DrayNow. “Every stakeholder within the intermodal supply chain is asking for transparency and status updates in increments previously unimaginable due to our industry’s fragmentation.”

DrayNow is reinventing the way Intermodal freight moves over the critical first and last miles with a robust, tech-enabled marketplace. DrayNow’s instant load-booking app and match-making platform not only helps shippers and brokers connect to trucking capacity, it provides the first window into what’s happening with any given shipment at any time.

DrayNow will use the recent financing to grow its team and fuel an expansion into new geographies. At a time when the Intermodal industry is facing constrained capacity, with fewer than 5,000 carriers able to access Intermodal freight, DrayNow opens that market to another 845,000 carriers. The company’s steady revenue growth and freight volume increases throughout 2018 is validating the value of a more accessible, real-time marketplace.

“Over the past 6 months, 78% of the loads posted on our DrayNow Marketplace are taken in less than 20 minutes. Both sides of the business – brokers and carriers – are capitalizing on the simplicity and transparency of our real-time booking engine,” said Albert. “And it’s not just the ability to match freight to carriers that’s driving the interest, it’s a superior experience. We spent the past 6 months asking our customers and users what they need…and then refining our platform to deliver total visibility, greater operational efficiency and other tools to help improve overall quality of life. Now, with the support of our great partners, Comcast Ventures and Osage Venture Partners, we’re better positioned to swiftly move into new markets.”

“The shipping and logistics industry is an incredibly vital and growing part of our economy. Yet the Intermodal sector of the industry has seen very little technology enabling the match-making and operational efficiency it needs,” said Sam Landman, managing director of Comcast Ventures. “We invested in DrayNow because the team and the technology establishes a much more efficient method for moving freight. In addition to being the first mover in the space, DrayNow has demonstrated an ability to build and refine an offering that addresses its customers’ pain points.”

DrayNow’s prior financing included co-founder investment and seed funding from Genacast Ventures.

About DrayNow

DrayNow provides technology-driven solutions for the intermodal freight industry. Led by industry veterans, the company operates the first intermodal marketplace connecting brokers to available carriers. The DrayNow Marketplace is accessed by Third-Party Logistics (3PLs), Intermodal Marketing Companies (IMCs), and brokers through a desktop interface where users can view truck capacity in real-time, post loads, track load status and obtain electronic documents immediately. With DrayNow’s mobile application, truck drivers can get turnkey access to Intermodal freight, browse loads, compare rates and details, select loads, deliver loads and get paid faster.

About Comcast Ventures

Comcast Ventures is the venture capital affiliate of Comcast Corporation. Comcast Ventures invests in innovative businesses that represent the next generation of technologies that will change the way people live, work and interact.

About Osage Venture Partners

Osage Venture Partners (OVP) invests in early stage, business-to-business (B2B) software companies on the East Coast from its offices just outside of Philadelphia, PA. With over $175 million under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the capital and support required to build high-growth, market-leading businesses. For more information, visit www.osagepartners.com.

 

Contacts

Christina Manning (for DrayNow)

Broadpath, Inc.

(215) 644-6509

cmanning@broadpathpr.com

 

Brad Frith