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Denim (formerly Axle Payments), a financial assistance platform for the freight and logistics industry, has raised $126 million in Series B funding.
Denim Raises $126 in Series B
The round was led by Pelion Venture Partners and included $26 million in equity financing and $100 million in debt financing.
Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashiond Ventures also participated.
Denim has raised a total of $165 million over three years.
Equity financing will be used to scale the platform and expand product offerings, while debt financing will provide working capital to freight brokers.
Founded in 2019 and based in New York, Denim’s platform automates invoicing, collection and payments, claiming to reduce daily payment and collection tasks by 75%. It also provides access to working capital for freight brokers.
A major challenge facing our clients is adapting to the pressures of an increasingly complex and unpredictable supply chain, said Bharath Krishnamoorthy, CEO and co-founder of Denim.
Denim says it quadrupled its revenue last year, facilitating nearly 60,000 jobs among shippers, carriers and freight brokers through its platform this year, and expanding its team by 200%.
