An Orlando tech company that early this summer expanded its operations into an 18,000-square-foot facility now has more money to put toward filling that office.
OneRail, which provides delivery services of all kinds for so-called “last mile” deliveries, announced that it had raised $9 million in a Series A investment round led by Ironspring Ventures.
OneRail partners with major carriers like Lyft, DoorDash and Frayt to secure delivery sources and ship bought products to their end destination.
Ty Findley, managing partner of Ironspring Ventures, a first-time investor in the company which led the round, said e-commerce’s explosion in recent years has made companise like OneRail more critical.
“Final-mile logistics has only become more critical to shippers as they face even further enhanced e-commerce customer experience expectations,” he said in a release
In the release, Findley, who will join OneRail’s board of directors, said OneRail had experienced 10 times year-over-year revenue growth.
OneRail managed to grow during the coronavirus pandemic, as it pushed more peopel to work from home and lit a charge into delivery services of all kinds.
The company has at its disposal a fleet of 7.5 million drivers across 200 major U.S. cities.
Its platform offers a smart-matching service between end customers and businesses selling goods or services.
“We are very thankful for the show of faith that Ironspring Ventures and our valued investors have placed in us as we continue to execute upon our vision of transforming final mile logistics,” OneRail Founder and CEO Bill Catania said in the release. “This next chapter is all about scale — and the infrastructure needed to execute a true omnichannel strategy.”
Among the seven firms to join the investment round, five were returning investors.
The company plans to expand its digital platform along with its customer success team.
OneRail, which in June reported a workforce of 65 people, is now at 80, with a goal of surpassing 100 by the end of the year.
Gaingels joined Ironspring Ventures as new investors in the round. The company’s current investors, including Chicago Ventures, Bullpen Capital, Las Olas Venture Capital, CreativeCo Capital and Alpine Meridian Ventures, all participated in the round.