Rose Rocket, a Toronto-based provider of transportation management software for trucking companies and 3PLs, has collected $25 million in Series A financing. Lee Fixel of Addition Capital and Mo Koyfman of Shine Capital led the round, with participation from Ripple Ventures, ScaleUp Ventures, Kevin Mahaffey, Funders Club and Y-Combinator.
TORONTO, Oct. 13, 2021 /PRNewswire/ — Rose Rocket, a SaaS provider of transportation management software (TMS) for trucking companies and 3PLs, announced today a Series A of $25 million. The round was led by Lee Fixel of Addition Capital and Mo Koyfman of Shine Capital with participation from Ripple Ventures, Scale-Up Ventures, Kevin Mahaffey, Funders Club and Y-Combinator. Rose Rocket’s network-driven TMS is a foundational shift in how trucking companies operate between their teams, drivers, customers, and partners. The funding will help Rose Rocket, which has seen 9x customer growth in the past 12 months, scale operations and invest in product growth.
“When we started building trucking software, we found that the industry was left behind by the movement to SaaS,” said Justin Sky, CEO and Co-Founder of Rose Rocket. “Over the past decade, we’ve seen the industry shift from pen and paper to on-premise systems to using modern software. This is the first time in our industry’s history where collaborative network effects are even possible. We are so excited to be able to continue building products that help our customers unlock their operations and network.”
The TMS market is ripe for disruption. The trucking industry is undergoing a shift towards increased collaboration between players, while multiple tailwinds are pushing the carrier industry towards increased tech adoption. Rose Rocket’s TMS brings efficiencies and automations to a trucking company’s entire freight network to solve the industry’s prominent problems: visibility, capacity, and communication.
When every party in a freight network is connected through Rose Rocket, it unlocks collaboration opportunities for trucking companies and 3PLs, while adding transparency to every stage of the move. This ultimately allows trucking companies to grow through better optimizing their networks rather than the traditional strategy of buying more trucks. In addition, Rose Rocket has experienced unprecedented growth through a bottoms-up approach, honing in on the experience of the end-user to drive network adoption.
“Rose Rocket is uniquely positioned to be the transportation industry’s first network-driven SaaS company, where collaboration between the various network participants drives growth of the platform and opens up meaningful monetization opportunities. Rose Rocket’s world-class team is bringing the right product to market at exactly the right time.” said Mo Koyfman, Founder and General Partner at Shine Capital.
The future of freight and logistics is connected. From automated software to automated trucks, the industry needs a new generation of connected technology in order to fulfill visibility and capacity requirements driven by consumer demands. Rose Rocket is paving the way for the next frontier of trucking software by building network-driven and highly connected solutions that are powerful in nature, and easy to adopt by every part of a freight network.
About Rose Rocket
Rose Rocket is a leading provider of enterprise-grade transportation management software (TMS) for trucking companies and 3PLs. Its network-driven TMS allows trucking companies to leverage their network of drivers, customers, and partners to unlock visibility and capacity. Additional product offerings include industry-leading driver mobile app, customer and partner portal technology, and an open architecture that allows for native integrations, EDIs, APIs, and more.
With Rose Rocket, trucking companies and 3PLs add efficiency and automation at every step of the transport process, allowing for growth through network optimization. Rose Rocket operates in the United States and Canada, catering to carriers and brokerages that have LTL, FTL, hybrid, and multi-division service offerings. Rose Rocket is proudly headquartered in Toronto.