Mar 28, 2022
Originally published on Yahoo! here.
Investment Will Bolster Delivery Management Platform, Double Team and Expand Into 50 New Markets
BLOOMINGTON, Minn., March 28, 2022 (GLOBE NEWSWIRE) -- Dispatch, a tech-based B2B last-mile delivery platform, announced today that it completed its $50 million Series C funding round led by PeakSpan Capital. This funding round will support Dispatch’s expansion into 50 additional markets across the country while continuing to accelerate the growth of its delivery management software for both customers and drivers.
Since the previous funding round, Dispatch doubled the size of its team and technology organization, shipping several new product capabilities, and has grown revenue scale at an impressive clip of ~175% annually in each of the past two years. With today’s supply chain challenges and a growing need for rapid last-mile delivery, Dispatch is solving an intense business need for customers through a combination of delivery management software and its on-demand last-mile delivery marketplace.
“Partnering with PeakSpan was a win-win. The firm not only understood our product and mission but also that we lead with our core values,” said Andrew Leone, CEO and Co-founder of Dispatch. “This capital will fuel our continued explosive growth and tech innovation. We look forward to providing more job opportunities while helping our customers execute on flawless last-mile delivery experiences.”
“We love Dispatch’s maniacal focus on driving efficient and cost-effective same-day, last-mile deliveries in the wholesale industrial supply chain. The market opportunity is massive but sees way less attention when compared to B2C last-mile delivery. The team has brought an innovative digital labor marketplace solution to industry segments where the last-mile delivery pain is most pernicious,” said Jack Freeman, Partner at PeakSpan Capital. “We are thrilled to be partnering with the Dispatch team and look forward to supporting the company’s mission of scaling a national platform for B2B last-mile delivery.”
Investors such as Trinity Private Equity Group, Revolution's Rise of the Rest, Great North Labs, and Labora led previous investment rounds.
Dispatch is a business-to-business delivery platform in which customers use our web app to request deliveries. Nearby drivers can respond to these requests with a mobile app and quickly pick up parts and packages that are then delivered to the final destination. With our network of independent contractor drivers, Dispatch has upgraded the traditional courier space by using technology to make the final-mile delivery process efficient, transparent, and reliable.
About PeakSpan Capital
PeakSpan Capital is a growth equity firm based in New York City and San Mateo. Having partnered with over 30 high-growth software businesses and with $1.5B+ in AUM, PeakSpan’s mission is to be the partner of choice for growth-stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes. PeakSpan combines deep domain expertise within a select number of themes with a homegrown, proprietary technology platform providing visibility into company and market performance, to help disruptive entrepreneurs drive resilient, risk-adjusted value creation. To learn more about PeakSpan Capital and its portfolio, please visit: www.peakspancapital.com.