OpenTug, a Seattle, Washington-based digital shipping startup facilitating freight connections with barges and terminals nationwide, secured an oversubscribed $3.1 million seed funding
SaaS Investors
The round was led by Entrada Ventures and supported by strategic investors like SpringTime Ventures and Stout Street Capital.
Founded in 2018, Entrada Ventures is a venture capital firm based in Santa Barbara, California. The firm prefers to invest in seed-stage and early-stage companies. The firm seeks to invest in information technology, e-commerce, the Internet of Things, SaaS, mobile, TMT, artificial intelligence, machine learning, and ad tech sectors.
OpenTug Use of Funds
The company will use the funds to fuel the development of its technology and expand its network of shippers and service providers to enhance marine freight movement in the U.S.
About OpenTug
Founded in 2019, OpenTug is a company that provides a marine and terminal booking platform that connects shipping customers and service providers. The OpenTug digital maritime marketplace offers access to thousands of barges, tugs, and terminals across marine highways, with its SaaS platform automating pricing, routing, tracking, booking, and marketing. Notable marine transportation providers such as TOTE Maritime and McDonough Marine Service utilize OpenTug's services.
Funding Details
Company: OpenTug, Inc.
Raised: $3.1M
Round: Seed Round
Funding Month: February 2024
Lead Investors: Entrada Ventures
Additional Investors: SpringTime Ventures and Stout Street Capital
Company Website: https://opentug.com/
Software Category: Marine and Terminal Booking Platform
Source: https://www.marinelog.com/inland-coastal/opentug-raises-3-1-million-in-seed-round-funding/