NEW YORK, NY, Denim, the leading financial enablement platform for the freight and logistics industry, today announced the closing of a $126 million Series B round.
The round was led by Pelion Venture Partners, including $26 million in equity financing and $100 million in debt financing. The funding is a combination of equity to scale its platform and debt financing to provide working capital to freight brokerages. Along with its new capital, the company also reintroduced itself as Denim.
The Series B funding round also included participation from Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners, and Refashiond Ventures. In total, Denim has raised $165 million in three years.
Denim is a financial enablement platform for the logistics industry that offers an ecosystem of intelligent financial products, operations tools, and time-saving automation. Its proprietary technology enables freight brokers to simplify their financing operations and easily access the working capital they need to grow in the competitive, $2 trillion logistics market. Denim automates invoicing, collections, and payments -ultimately reducing daily payments and collections tasks by 75%.
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