DrayNow Raises $5 million for its intermodal trucking platform

DrayNow, a “real-time marketplace” designed to assist intermodal shipping brokers to connect with available motor carriers, has completed its Series A funding of $5 million, led by Comcast Ventures and joined by Osage Venture Partners. 

 “Every stakeholder within the internodal supply chain is asking for transparency and status updates in increments previously unimaginable due to our industry’s fragmentation,” said Mike Albert, founder and CEO of DrayNow.

In an interview with LM, Albert said that the company’s main focus will be on domestic rail yards for now.

“Over one year from now we’ll be targeting ports in the U.S.” he added. 

Spokesmen said that DrayNow’s instant load-booking app and match-making platform not only helps shippers and brokers connect to trucking capacity, it provides the first window into what’s happening with any given shipment at any time. 

“The shipping and logistics industry is an incredibly vital and growing part of our economy. Yet the Intermodal sector of the industry has seen very little technology enabling the match-making and operational efficiency it needs,” said Sam Landman, managing director of Comcast Ventures.

“We invested in DrayNow because the team and the technology establishes a much more efficient method for moving freight. In addition to being the first mover in the space, DrayNow has demonstrated an ability to build and refine an offering that addresses its customers’ pain points.”

DrayNow’s prior financing included co-founder investment and seed funding from Genacast Ventures.