US Fintech Startup Axle Raises $ 10 Million Through Series A Funding Round Led by Crosslink Capital
Axle, a United States-based financial services platform for the freight and logistics industry, announced earlier this week that it had secured $ 10 million through its Series A funding round, which was led by Crosslink Capital with the participation of FJ Labs, Flexport, Tribeca Early Stage Partners, Ron Suber (fintech investor), Jett McCandless (founder, Project44), Michael Mook (CEO, Fundopolis; director, Big Plan Holdings), Darshan Somashekar (co-founder, EasyBib and drop.io), Mandeep Arora (founder, Cantaloupe) and Daniel Warner (SVP, sennder), as well as existing investors, Anthemis Group, Techstars and Plug and Play Ventures.
Founded in 2019, Axle says it helps freight brokers grow faster by automating their back office and providing fast, affordable working capital. CEO and co-founder of Axle, Bharath Krishnamoorthy, explained in more detail:
“Axle’s proprietary technology level the playing field, so our customers can compete in a highly competitive market. With our financial platform, we empower freight intermediaries to grow rapidly and differentiate their businesses in a tough industry.
Axle then revealed that in addition to billing invoices from its freight broker clients, it automates their carriers’ payments, invoicing, and collections, and integrates with preferred transportation management systems and accounting software to streamline their back office.
“Axle’s advantage over its competitors is that it seamlessly links all parts of the freight brokerage process, eliminating wasted time and money for its customers.”
Axle added that it will use the Series B funds to expand its operations, expand its customer base and further develop its payments and financing platform.