Accelerating Freight Innovation: Announcing Parade’s Latest Venture Funding
Sep 14, 2023
Parade Raises $17M in Venture Funding to Revolutionize Freight Brokerage with AI
Today, we’re thrilled to share that Parade has secured a remarkable $17M in venture funding. This round was led by I Squared Capital, which saw participation from a host of existing and new investors. This funding will empower us to drive further innovation, expand our product offerings, and serve freight brokers in the increasingly digital logistics landscape.
The investment round saw participation from our existing investors: Menlo, Greenhawk Capital, Jones Capital, The House Fund, Operator Stack, and other angels. We also welcomed new investors including Earthshot Ventures, Lineage Logistics, 9Yards Capital, Redbird Capital, Rising Tide Fund, McVestCo, Ubiquoss, and strategic angels including Malte Janzarik.
“We’re thrilled to be part of this transformative time for the freight industry. Parade’s AI-driven solutions have the potential to unlock substantial productivity gains in an industry often reluctant to adopt technology.”
– Kevin Crull, Global InfraTech Fund Partner at I Squared Capital
Accelerating Freight Brokers’ Capabilities
What are we planning to do with this new funding? The answer is simple: accelerate freight brokers’ ability to transact freight at scale. We aim to further develop and enhance our product offerings, including the use of Generative AI to convert conversations into freight bookings. Moreover, we will continue to expand and deepen our integration ecosystem with new and existing partner transportation management systems (TMS), load boards, rating benchmarks, visibility platforms, and compliance solutions.
Parade’s mission is to empower freight brokers to achieve operational scale by eliminating manual bottlenecks in buying and selling truckload capacity. Our AI-enabled products have already enabled freight brokerages to efficiently scale freight operations through automation of booking, carrier network development, and dynamic capacity pricing.
Empowering an Industry with Technology
The funding round also builds upon an incredible roster of freight tech industry leaders who have previously invested in Parade’s Series A, including DAT Freight & Analytics, Redwood Logistics, and Rite-Hite Corp, as well as strategic angels who are former executives from project44, Loadsmart, Transportation Insight, and MercuryGate.
We couldn’t be more excited for the future of freight.