SAN FRANCISCO, Aug. 10, 2022 /PRNewswire/ — Expedock, a leading innovator in the international freight software industry, today announced $13.5 million in Series A funding, bringing the company's total amount raised to $17.5 million. Global software investor Insight Partners led the round, with participation from Motion Ventures as well as existing investors Pear and Neo and executives from Project 44, Salesforce, Meta, eBay, and Clearmetal. The round, which follows on the heels of the company's $4 million seed and 12x growth in 2021, will be used to expand Expedock's team to allow supply chain businesses to more efficiently understand and operationalize their data at scale.
Since the start of the COVID-19 pandemic, the global supply chain has fallen apart – and despite efforts by top supply chain businesses and even governments to find a solution, there are containers still waiting at US and global ports for weeks. Most recently, the current geopolitical conflict has made rerouting an even more difficult and expensive task. From a technology perspective the freight forwarding industry has long been behind. However, post-COVID bottlenecks and trends like remote work are now forcing the industry to play catch up, allowing those that adapt to break ahead of the competition. This is where Expedock comes in.
Expedock uses AI to transform paper documents into data, quickly classify them, and bring them into existing freight forwarder tools. The automation of invoices and statement of accounts, including their entry, reconciliation and posting, ensures on-time payment to vendors while also bringing accurate visibility to margins when billing shippers. Rather than spending half the day manually reviewing paperwork, supply chain experts can now focus on moving goods. The right automation partner will drive efficiency and profitability, reduce labor costs and keep up with today's global shipper.
"Expedock is reinventing how supply chain businesses are able to harness their own data. Given our 600% growth this past year, we are going to do even better by bringing on engineers to expand our use-cases and our account executives to support more customers," highlighted King Alandy Dy, CEO of Expedock.
Expedock works with some of the largest brands in the global supply chain, including Wayfair, ClearFreight, JUSDA, and Ascent, a subsidiary of Roadrunner Freight. The company is also supported by ZEBOX, CMA CGM's technology accelerator which helps cutting-edge technologies roll out within the organization.
"Expedock helped us gain visibility on our margins upon billing and pay our vendors on time. We previously had a rolling backlog of 3 weeks for invoice entry and audit. With Expedock, we no longer lose trucking capacity due to late vendor payments," said Jack Chang of JUSDA. JUSDA facilitates logistics for Foxconn, Apple, Samsung, Sharp, Nokia and Cisco.
"With their innovative use of AI to automate the time-consuming documentation process, Expedock is modernizing freight forwarding and reducing inefficiencies to keep goods moving," said Connor Guess, Senior Associate at Insight Partners. "Insight's bread and butter is software companies driving transformative change in their industries, and that's exactly what Expedock is doing in the international freight industry. We're thrilled to partner with King on this exciting chapter in the company's ScaleUp journey." Connor is joining Expedock's Board of Directors.
Expedock is the AI-powered automation service behind some of the leading players in the global supply chain. We are on a mission to build the data infrastructure that will drive unprecedented efficiency and profitability to all players in the industry.
Tens of thousands of freight containers are now being moved internationally via Expedock every week through our technology that eliminates inefficiencies by automating the manual processes and connects all physical and digital data sources into one platform.
Our international team of tech and logistics executives is committed to transforming the future of supply chain and logistics, one business at a time.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.