Pallet – a unified transportation and warehouse management system, today announced an $18 million Series A led by Bain Capital Ventures with participation from Bessemer Venture Partners and Activant Capital. And several angel investors also participated, including Zach Frankel, Toast founders Aman Narang and Steve Fredette, Dutchie CEO Tim Barash, Home Depot board member Manuel Kadre, and Cedar Capital partner John Curtius.
Pallet will utilize the funds to grow its team, expand operations and invest in new enterprise product capabilities. The new funding contributes to a total of $21 million raised so far.
Logistics is a central part of the global economy. Even though these operations are mission critical for day-to-day lives, the industry remains extremely inefficient and error prone, depending on antiquated and disjointed software solutions that are exacerbated by labor-intensive and manual workflows.
Pallet’s platform is a unified and AI-based transportation management, warehouse management, and accounting & billing system. Whether you are a dispatcher, a warehouse manager, an accountant or a customer service representative, Pallet brings every team together on the same, easy-to-use platform.
Pallet’s core functionality includes:
— Unifying systems and operations – Replace disjointed point solutions and run all transportation segments through one system
— Empowering teams with AI – Automate repetitive and tedious workflows, and minimize errors around order entry, dispatching, invoicing and billing
— Delivering premium service to customers – Track statuses live, provide real-time notifications
Since launching in April 2023, Pallet earned the trust of leading trucking companies across the country like BLK Out Logistics and Victory Final Mile. And Pallet is critical to its customers’ business, with the average Pallet user spending more than six hours per day on the platform.
Customers have seen significant productivity improvements and cost savings. For example, teams have seen nearly 70% reduction in manual-intensive workflows such as order entry.
Over the next two years, Pallet will focus on expanding product offerings for meetin the needs of larger logistics agents, as well as build out their team by hiring people across engineering, product and go-to-market functions.
KEY QUOTES:
“We started Pallet to bring logistics software into the 21st century. I met my cofounder Andrew at Retool, where we were focused on finding inefficiencies in the ways that developers worked and fixing them. We knew we could bring the same thinking to this neglected industry.”
-Sushanth Raman, CEO and cofounder of Pallet
“Moving materials and products from source to customer is essential to nearly every business, which is why logistics software is more than a $20 billion market. Sushanth, Andrew and the relentless team at Pallet won’t stop until they’ve helped every transportation management organization to unify, optimize and automate their operations.”
-Kevin Zhang, partner at Bain Capital Ventures
