Road freight documentation platform Vector has closed its Congruent Ventures-backed series A at $12m, adding $2m to the initial close reported last month.
US-based road freight digitisation platform Vector has closed a $12m series A round involving Congruent Ventures, the sustainability-focused fund backed by University of California, according to the Trucker.
The deal, led by VC fund Goldcrest Capital with participation from 8VC, had originally been reported as a $10m series A transaction in April 2019.
Founded in 2014, Vector offers a software platform called LoadDocs that lets freight truck drivers access and manage digitalised information for their consignments through features including paperwork scanning and real-time dispatch information.
The company also allows freight back-offices to automate the process of cataloguing multiple documents according to common signifiers such as addresses, stock-keeping barcodes and handwritten identifiers.
Vector will commit proceeds from the series A round to drive product development related to the back-office functionality. The cash will also help Vector intensify its customer service efforts.
Will Chu, co-founder and chief executive of Vector, said: “This will enable trucking fleets to move more freight with fewer resources.
“The Vector platform does that by eliminating paper and automating processes — and enabling real-time communication, document sharing and visibility across all of a fleet’s operations.
“We believe that even the most powerful business software can and should be as easy to use as any app on your smartphone, and we have built Vector from the ground up with that philosophy.”
