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The demand for last-mile delivery has been steadily rising in recent years, driven largely by the growth of e-commerce and on-demand delivery services. Consumers today expect fast, reliable delivery of their purchases, with many now opting for same-day or even two-hour delivery options. As the demand for last-mile delivery continues to grow, companies like FRAYT are stepping up to meet the challenge, offering innovative solutions that improve speed, efficiency, and reliability in this critical part of the supply chain.
FRAYT is a last-mile on-demand delivery and logistics platform that consistently strives to scale up its services. Recently, the company announced the successful completion of its Series A funding round, raising $7 million. This round of funding was led by Refinery Ventures with participation from Capital Midwest, Venture 53, and the Jobs Ohio Growth Capital Fund. The company plans to use the investment to drive product innovation, support rapid market expansion, and grow its leadership team.
The last mile of delivery can be one of the most challenging aspects of any supply chain. It’s where goods go from the transportation hub to their final destination, and it’s often the most costly and time-consuming part of the journey. Traditional last-mile delivery solutions are slow, manual, and unable to scale. That’s where FRAYT comes in. They offer an on-demand SaaS delivery platform that enables companies to provide scheduled or same-day delivery from their desktop, mobile devices, or API integration.
Unlike traditional solutions, the FRAYT platform seamlessly connects shippers with professional drivers in minutes. Once a request is posted to the marketplace and a driver accepts the dispatch, the delivery is tracked in real-time from pick up to drop off, providing complete visibility from start to finish. With more than 12,000 drivers across 50+ markets and over 300 customers, including Bridgestone, Sherwin-Williams, The Tile Shop, and Cargill, FRAYT has quickly become a major player in the last-mile delivery industry.
After the incredible Series A funding round, Luke Denny, co-founder and CEO of FRAYT, shared, “We are thrilled to announce the successful completion of our Series A round of funding, which will allow us to further invest in our last-mile products’ capabilities and enhance the customer experience.” He added, “Our investors share our vision for the future of last-mile logistics solutions and recognize the tremendous potential of our technology and platform.”
The COVID-19 pandemic has triggered a major shift to a more digital economy where an efficient and reliable last-mile delivery system has become imperative. Shining the spotlight on the present situation of the industry, Tim Schigel, managing partner of Refinery Ventures, said, “The $124B+ last-mile delivery industry hasn’t kept up with expectations, which became more apparent during the pandemic.” Highlighting FRAYT’s innovative technology that empowers companies to extend their delivery services, Tim Schigel further added, “I look forward to working with Luke and his team to help scale and grow the company in 2023 and beyond.”
FRAYT is headquartered in Cincinnati, Ohio, and its on-demand SaaS delivery platform is accessible in several major markets across the U.S. It is currently disrupting the last-mile delivery industry, providing an innovative solution that is efficient, reliable, and scalable. With a growing list of Fortune 500 customers, the company is well-positioned for rapid market expansion and continued growth in the years to come. The future of last-mile logistics looks bright, with FRAYT leading the way.
