Liftit Inc. announced $22.5 million in new funding. The new capital will enhance the company's capabilities to automate the last-mile transportation and delivery of goods across Latin America and continue to develop its technology to digitize last-mile logistics in the region.
The Series B financing was led by Cambridge Capital, with participation from IFC, monashees, Jaguar Ventures, NXTP Ventures and other leading industry investors. In conjunction with the investment, Cambridge Capital's Ben Gordon and Matt Smalley, as well as Ed Feitzinger, the former VP of Global Logistics at Amazon, have joined Liftit's Board of Directors.
Through Liftit's proprietary, cloud-based technology platform, large shippers in Latin America can connect with a network of drivers across various commercial vehicle classes, which enables automated tendering and execution of any kind of truck-based delivery, along with real-time visibility and traceability of key metrics. By automating and optimizing delivery processes based on AI and machine learning, Liftit's customers achieve a significant reduction in operating costs.
Liftit is also building an important network of entrepreneurial owner-operator truck drivers ("Lifters") across 5 countries in Latin America, who can leverage Liftit's technology and customer demand to build micro trucking businesses. The Liftit platform allows Lifters to reduce their downtime and significantly increase their revenue. In fact, Liftit's most active Lifters have used funds earned through Liftit to add multiple additional trucks to their fast-growing businesses.
"We are very happy to announce this new investment. Cambridge Capital's deep experience in logistics globally makes them the perfect partner for us. Working with them will allow us to continue developing our platform, deepen our leadership team and continue our high-growth trajectory into 2021 and beyond," said Brian York, CEO of Liftit.
"We are extremely excited to partner with Liftit as the lead investor in the Series B financing. Our background as global business builders in supply chain, and our unique viewpoint as a group of operators, strategic advisors and investors focused exclusively in logistics, will allow us to help Liftit continue to build its moat in what we believe is a fast-growing multi-billion dollar market for tech-enabled last-mile trucking logistics in Latin America," said Ben Gordon, Cambridge Capital's Managing Partner. "Liftit's continuous exponential growth with existing and new customers, and unified servicing of major shippers across multiple countries, is a validation of Liftit's large market opportunity and excellent product-market fit," added Matt Smalley, Principal of Cambridge Capital.
"Liftit is solving a major problem for shippers in Latin America, connecting shippers and trucking capacity through technology localized to support the unique needs of Latin America," said Ed Feitzinger. Ed was most recently VP of Global Logistics at Amazon, and prior to Amazon served as the CEO of a global freight forwarder operating in 59 countries. "Latin America has some of the highest distribution costs in the world, and short haul trucking, specifically last mile, is a big problem for shippers in Latin America. Liftit delivers a unique combination of technology and operational execution to solve that problem."
With large customers such as Walmart, Pepsi and Grupo Bimbo, Liftit is already a market leader across Latin America. With this new investment, Liftit is accelerating and deepening its partnerships with large shippers across the region.