Open Mile is a Boston, MA-based online logistics provider that operates a self-service transportation brokerage engine. Its platform connects shippers and trucking companies to efficiently match freight loads with available trucks, replacing manual phone- and fax-based processes. The company operates within the $60 billion transportation brokerage industry. Open Mile plans to use recently raised capital to finance key growth initiatives. The company received a $3M loan from NXT Capital Venture Finance. Open Mile is led by CEO Evan Schumacher and is backed by Charles River Ventures and Globespan Capital Partners. Open Mile is an online freight brokerage that uses mobile devices to connect thousands of truckers with thousands of shippers and manages the entire process from booking through delivery. The platform emphasizes innovative technologies that allow it to operate at a lower cost than traditional brokers. The company targets a largely phone-and-fax based $60 billion freight industry and positions itself as the first service to bring these transactions online. Open Mile currently works with over 5,000 trucking companies as partners, connecting them to shippers ranging from small to large. The company announced a $6 million Series B and plans to use the funding to expand engineering and core product efforts and to hire into marketing and sales. The financing was led by Globespan Capital Partners and included existing investor Charles River Ventures.

Total raised

$9M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Mar 2012