BLOOMINGTON, Minn. — Dispatch, a tech-based B2B last-mile delivery platform, announced Monday that it completed a $50 million Series C funding round led by PeakSpan Capital.
The funding round will support Dispatch’s expansion into 50 additional markets across the country while continuing to accelerate the growth of its delivery management software for both customers and drivers.
Since the previous funding round, Dispatch doubled the size of its team and technology organization, began shipping several new product capabilities, and grew its revenue scale at an impressive clip of about 175% annually in each of the past two years. With today’s supply chain challenges and a growing need for rapid last-mile delivery, Dispatch is solving an intense business need for customers through a combination of delivery management software and its on-demand last-mile delivery marketplace.
“Partnering with PeakSpan was a win-win. The firm not only understood our product and mission but also that we lead with our core values,” said Andrew Leone, CEO and co-founder of Dispatch. “This capital will fuel our continued explosive growth and tech innovation. We look forward to providing more job opportunities while helping our customers execute on flawless last-mile delivery experiences.”
“We love Dispatch’s maniacal focus on driving efficient and cost-effective same-day, last-mile deliveries in the wholesale industrial supply chain. The market opportunity is massive but sees way less attention when compared to B2C last-mile delivery. The team has brought an innovative digital labor marketplace solution to industry segments where the last-mile delivery pain is most pernicious,” said Jack Freeman, partner at PeakSpan Capital. “We are thrilled to be partnering with the Dispatch team and look forward to supporting the company’s mission of scaling a national platform for B2B last-mile delivery.”
Investors such as Trinity Private Equity Group, Revolution's Rise of the Rest, Great North Labs and Labora led previous investment rounds.