Freight services startup Logixboard secures $4.2 million to digitize the $2 trillion global freight forwarding industry
Logixboard, a freight services tech startup and a digital partner for freight forwarders, has raised $4.2 million seed round to expand its platform and fuel product innovation. The round was led by Social Leverage, with participation from F-Prime Capital, Founders’ Co-op, Techstars Venture Fund, and others. In conjunction with the funding, Logixboard also announced Social Leverage Partner, Gary Benitt, has joined the company’s Board.
Logixboard was founded in 2016 by Juan Alvarez and Julian Alvarez. The Seattle, Washington-based Logixboard is a cloud platform transforming how the $2 trillion freight forwarding industry operates. Firms currently use paper, spreadsheets, and email to track their customers’ shipments and provide visibility to shippers. They are encumbered by low-tech, hard-to-use solutions that are inefficient and costly. Logixboard is a recent graduate of Techstars and is based in Seattle, WA, with offices in Bogota, Colombia.
Logixboard’s platform integrates with existing back-office applications and serves as a digital customer engagement layer, empowering freight forwarders to do their work more efficiently.
Many of the challenges that burden freight forwarders today stem from siloed systems, unstructured data, and the lack of a centralized customer offering. Quotes and bookings, the revenue driver for freight forwarders, are managed through phone calls, emails, and excel tables, taking up to 100 hours to process one quote request. Shipment visibility is not any better. Freight forwarders rely on labor-intensive operations to answer emails and phone calls of customers trying to understand where their freight is.
Logixboard helps solve these challenges through an end-to-end customer engagement platform for the $2 Trillion Freight Forwarding industry. By integrating with existing systems, Logixboard helps forwarders provide real-time visibility to their customers. This automation, coupled with Logixboard’s data insights, offers immediate efficiency and increases customer satisfaction. Existing customers, like Transborder SAS, have processed millions of dollars in shipments using Logixboard and have reported a significant increase in customer satisfaction.
“As freight forwarders around the globe clamor for a modern unified customer offering, Logixboard has identified a hugely underserved market,” said Gary Benitt, partner at Social Leverage. “We’re thrilled to support Logixboard at this critical point, and believe the company is well-positioned to democratize digitalization for thousands of freight forwarders across the globe.”
With the new round of financing, Logixboard will accelerate its vision of becoming the digital system of engagement for the highly fragmented global freight forwarding industry, automating quote and booking processes, deriving data insights, and building robust data integrations to other critical systems across the industry.
“Engagement platforms are critical to any customer-facing industry, and freight forwarders have been largely ignored and left behind by software providers driving digitalization in other sectors. We are filling a unique market need by helping freight forwarders better serve their customers,” said Julian Alvarez, CEO, Logixboard. “Today’s funding further fuels our mission of driving digitalization for all freight forwarders regardless of their size, geography, or current systems used.”