Emerge Raises $130 Million from 9Yards Capital, Tiger Global Management and The Spruce House Partnership to Transform Digital Freight Procurement
This round was led by notable investment groups 9Yards Capital, Tiger Global Management and The Spruce House Partnership, with additional participation from existing backers New Road Capital Partners and Greycroft.
SCOTTSDALE, Ariz., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Emerge, the leading platform for freight procurement, has raised $130 million in a Series B funding round to expand product development and research while significantly scaling their enterprise sales efforts. This round was led by notable investment groups 9Yards Capital, Tiger Global Management and The Spruce House Partnership, with additional participation from existing backers New Road Capital Partners and Greycroft. This funding brings Emerge’s total capital raised to more than $150 million.
“We’ve been fortunate to experience explosive growth in the past few years, and this funding will be very useful to Emerge’s future success. It’s no small task and will take a lot of collaboration, but our ultimate goal is to enhance how the industry operates for everyone involved,” Founder and Co-CEO, Michael Leto said. “We are looking forward to continually evolving our cloud-based procurement software to create the most sophisticated freight solution in the country.”
This round of funding comes on the heels of a successful 2020 and 2021 for Emerge, where the Scottsdale, AZ-based team built and launched their Dynamic RFP (Request for Proposal) platform — the first of its kind built specifically for freight professionals. With this latest funding, Emerge plans to further enhance their products to solve real-life logistics problems within shippers’ supply chains and improve the relationship between carriers and shippers in contract and spot markets. In 2021, shippers are on target to utilize the Dynamic RFP platform to procure over $4 billion in freight.
“We could not be more pleased and grateful with the results of this funding round. Backed by three top-tier investors who deeply understand the logistics space and the problems we are solving, Emerge is on the leading edge of transforming freight procurement,” Founder and Co-CEO, Andrew Leto said. “We’re excited to continue product innovation and expand our leadership position in the market for shippers of all sizes.”
Rethinking Procurement: The Emerge Digital Freight Marketplace
Transforming the $800 billion freight industry, Emerge empowers meaningful logistics relationships through its award-winning Digital Freight Marketplace. The Emerge platform helps streamline the disjointed and cloudy procurement landscape, bringing shippers and carriers together in one space to create and build mutually beneficial relationships.
The premier choice for carriers and shippers within the procurement ecosystem, the Emerge platform inherently creates a powerful “network effect” — opening new opportunities for all participants as the network grows and becomes more robust. With every carrier and shipper added, the Emerge marketplace becomes even more powerful — creating better, stronger opportunities and win-win scenarios for all.
Built for freight professionals, Emerge is the only platform designed and led by freight experts with decades of direct, hands-on procurement experience. The Emerge executive team and board members include some of transportation’s largest names, having previous experience leading companies like UPS, GlobalTranz, Coyote Logistics, J.B. Hunt and FreightWaves. This expertise allows Emerge to offer solutions that enhance contract and spot procurement, enabling shippers and carriers to make more empowered, strategic decisions.
The award-winning marketplace provides access to direct capacity and live market conditions, including tools like Contract and Spot Management, and a light Transportation Management System (TMS).
Shipper and Carrier Collaboration, Evolved
Founded by industry veterans Andrew Leto and Michael Leto, Emerge has seen tremendous success since opening its doors in 2017. In addition to securing over $150 million in investor funding, the Emege platform has enabled shippers to procure over $5 billion in freight by leveraging the Dynamic RFP and Spot Management tools.
“This funding will allow us to scale our business efficiently — from creating new opportunities for our current employees, to filling needs from the outside where necessary,” Jack Holmes, Emerge Executive Chairman and former President & CEO of UPS Freight said. “We have been fortunate to have great partners. Financial partners, shipper partners and carrier partners. Andrew [Leto’s] vision has continued to evolve and we’re confident that our platform will be regarded by our partners as the most influential in transportation.”
Taking the logistics industry by storm, Emerge recently ranked on INC Magazine’s INC 5000 Fastest-Growing Companies list, FreightWaves FreightTech 25 and was named a Best Employer by Forbes, the Phoenix Business Journal and AZCentral.
Emerge plans to significantly grow its team in 2022, with over 200 new employment opportunities opening in enterprise sales, R&D, product, marketing and operations. For more information on Emerge or to view their current open positions, visit www.emergemarket.com.
About Emerge
Transforming the $800 billion freight industry, Emerge empowers meaningful logistics relationships through its award-winning Digital Freight Marketplace. Built by freight professionals for freight professionals, Emerge offers solutions that enhance the procurement process, enabling shippers and carriers to make more empowered, strategic decisions. Founded in 2017, and located in Scottsdale, Arizona, Emerge is one of the fastest-growing technology startups in the U.S. Visit www.emergemarket.com to learn more.
About 9Yards Capital
9Yards Capital is a $1B+ growth-stage venture fund that seeks to invest in the world’s leading tech-enabled fintech and logistics businesses. Notable investments include: Robinhood, Better, Chainalysis, Remote, Flutterwave, Taxbit, Deliverr and KeepTruckin.
About Tiger Global Management
Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, ranging from Series A to pre-IPO. Tiger Global's investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, LinkedIn, Flipkart, and Toast.
About The Spruce House Partnership
The Spruce House Partnership is a $5 billion investment partnership founded in 2005. Across both public and private markets, Spruce House focuses solely on partnering with exceptional founder CEOs as long-term and supportive investors.
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Eilish Shannon Emerge 847-721-2642 [email protected]