Last-mile Platform DispatchTrack lands $144M in First Funding
During the midst of COVID-19 logistic company DispatchTrack has landed a deal which helped them receive $144 Million to contribute towards accelerating their software innovation. COVID-19 has left companies in need for reliable delivery and e-commerce services. Consumers are stuck in the house and relying on online shopping more than ever and retailers are trying to keep up with demands. This leaves courier companies buckling down and working over time. Many logistic companies have seen this as an opportunity to expand and DispatchTrack was on the move.
The company was founded in 2010 in San Jose by a husband and wife team — Satish Natarajan (now CEO) and Shailu Satish (now COO). The idea of the company came about after the pair were tired of being disappointed with delivery services. The platform provides last-mile deliveries for online and physical stores, warehouses, drivers and end customers. With same day delivery growing as a popular delivery option companies have tried to maintain the expectation of quick delivery. The platform allows companies to do exactly this while tracking their deliveries in real time. The product optimizes deliveries and is user friendly; including: capacity-aware self-scheduling tools, route optimization, automated customer communication and appointment confirmation, dynamic estimated time of arrival (ETA) tracking links, mobile apps for change of custody and proof-of-delivery, billing and settlement for delivery service providers and merchants, and real-time visibility for merchants across their network of carriers and drivers.
The $144 million investment will help the company support more deliveries per year. They will also work on expanding their products and customer footprint. The funding is estimated to support up to 60 million deliveries in a year alone. The investment from Spectrum Equity allows the next stage of growth for the company, It will help expansion into larger businesses while helping maintain an easy operation.