FRAYT, a Cincinnati, OH-based tech company that provides last-mile on-demand delivery and logistics platform, announced that it has closed $7 million in Series A funding.
The round was led by Refinery Ventures, with participation from Capital Midwest, Venture 53, and the JobsOhio Growth Capital Fund. FRAYT will use the financing to drive product innovation, support rapid market expansion and grow its leadership team.
"Last-mile delivery is extremely challenging and a major pain point in every supply chain," said Luke Denny, co-founder, and CEO of FRAYT. "We are thrilled to announce the successful completion of our series A round of funding, which will allow us to further invest in our last mile product's capabilities and enhance the customer experience."
FRAYT is an on-demand delivery platform that provides a SaaS solution for companies to offer scheduled or same-day delivery from their desktop, mobile devices, or API integration.
Unlike traditional last-mile delivery solutions, FRAYT's platform seamlessly connects shippers with professional drivers in minutes and provides real-time tracking from pick-up to drop-off.
FRAYT has over 12,000 drivers across 50+ markets and serves over 300 customers, including Fortune 500 companies such as Bridgestone, Sherwin-Williams, The Tile Shop, and Cargill.
Company: Frayt Technologies, Inc.
Raised: $7.0M
Round: Series A
Funding Month: April 2023
Lead Investors: Refinery Ventures
Additional Investors: Capital Midwest, Venture 53, and the JobsOhio Growth Capital Fund
Company Website: https://www.frayt.com/
Software Category: On-demand delivery platform/SaaS solution
About the Company: FRAYT is a last-mile on-demand delivery and logistics technology company that offers businesses professional, on-demand shipping through an intuitive web platform and mobile app. Its on-demand delivery platform connects shippers with professional drivers in real time for scheduled or same-day delivery. The platform provides real-time tracking from pickup to drop-off, enabling complete visibility from start to finish. The company has over 12,000 drivers in over 50 markets across the United States, headquartered in Cincinnati, Ohio.
Source: https://www.prnewswire.com/news-releases/frayt-raises-7-million-brings-last-mile-on-demand-delivery-to-over-50-major-us-markets-301793639.html