- Freight forwarder company Logixboard announced it raised $4.2 million in a seed round of funding led by Social Leverage
Logixboard — a digital partner for freight forwarders — announced it raised $4.2 million in a seed round of funding to expand its platform and fuel product innovation. Social Leverage led the funding round with participation from F-Prime Capital, Founders’ Co-op, Techstars Venture Fund, Liquid 2 VC, Bragiel Brothers, and DocuSign founder Tom Gonser. In conjunction with this funding round, Logixboard also announced Social Leverage partner Gary Benitt is joining the company board.
There are many challenges that burden freight forwarders such as siloed systems, unstructured data, and a lack of a centralized customer offering. Plus quotes and bookings — the revenue driver for freight forwarders — are managed through phone calls, emails, and excel tables thus taking up to 100 hours to process one quote request. And shipment visibility is not any better. Plus freight forwarders rely on labor-intensive operations for answering emails and phone calls of customers in order to try and understand where their freight is.
How does Logixboard solve these problems? Logixboard provides an end-to-end customer engagement platform for the $2 trillion freight forwarding industry. And by integrating with existing systems, Logixboard helps forwarders provide real-time visibility to their customers. When coupled with Logixboard’s data insights, this automation offers immediate efficiency and increases customer satisfaction. And existing customers like Transborder SAS have processed millions of dollars in shipments using Logixboard and have reported a significant increase in customer satisfaction.
“Engagement platforms are critical to any customer-facing industry, and freight forwarders have been largely ignored and left behind by software providers driving digitalization in other sectors. We are filling a unique market need by helping freight forwarders better serve their customers,” said Julian Alvarez, CEO of Logixboard. “Today’s funding further fuels our mission of driving digitalization for all freight forwarders regardless of their size, geography, or current systems used.”
With this funding round, Logixboard will accelerate its vision of becoming the digital system of engagement for the highly fragmented global freight forwarding industry and will automate quote and booking processes while deriving data insights and building robust data integrations to other critical systems across the industry.
“As freight forwarders around the globe clamor for a modern unified customer offering, Logixboard has identified a hugely underserved market,” added Gary Benitt, partner at Social Leverage. “We’re thrilled to support Logixboard at this critical point, and believe the company is well-positioned to democratize digitalization for thousands of freight forwarders across the globe.”