BravoTran, an accounts payable and accounts receivable automation platform built specifically for freight forwarders, announced a growth investment led by Arthur Ventures.
Based in Chicago, BravoTran provides end-to-end AP and AR automation for freight forwarders. The company automates workflows spanning invoice receipt, accrual matching, exception resolution, posting, payment processing, and enterprise customer billing requirements.
BravoTran said its AR platform addresses the complexity of enterprise freight forwarding billing, including customized rate agreements, document requirements, and freight auditor integrations that are typically difficult to manage through traditional forwarding software platforms.
The company currently serves more than 340 customer accounts across 55 countries and processes tens of thousands of invoices daily, including work with dozens of the top 50 global freight forwarders.
According to the company, the new funding will be used to scale customer support operations, accelerate product development initiatives, and expand its go-to-market organization as BravoTran enters its next growth phase.
KEY QUOTES:
“The results our customers see are what drive this business. Customers are averaging a 4.5 percentage point improvement in gross margin per shipment and getting invoices posted nearly ten days faster, and that’s before counting the labor savings. We’ve built the only platform that handles 100% of forwarder invoice volume, and the depth of that product is what’s generating those results. This investment lets us bring that to more forwarders faster.”
Tom Durrenberger, CEO, BravoTran
“We are excited to partner with Tom and the entire BravoTran team as they continue building an end-to-end back office platform purpose-built for freight forwarders. Throughout our diligence, customers consistently raved about the product, the team, and the meaningful value it delivers to their AP and AR operations. The clear ROI customers achieve, combined with BravoTran’s deep domain expertise, is exactly what we look for in a partner, and we are thrilled to provide growth capital to support their continued success.”
Andrew Heim, General Partner, Arthur Ventures
