California-based supply chain logistics startup Hwy Haul on Thursday said it has raised $10 million as a part of its series A round led by US-based venture capital firms Eileses Capital and BluePointe Ventures.
Other investors that participated in the round include AgFunder, True Blue Partners, and angel investors such as Dheeraj Pandey, founder, and former chief executive officer (CEO) of Nutanix; Girish Mathrubootham, founder and CEO of Freshworks, Rajiv Batra, founder of Palo Alto Networks, and Vivek Mehra, partner emeritus at August Capital, among others.
The three-year-old startup leverages artificial intelligence, machine learning, and optimization algorithms to connect fresh produce with carriers across North America.
“Produce spends half its life in the supply chain, and more than $15 billion is wasted or rejected in transit every year. Existing produce shipping methods are largely manual, with poor visibility and communication within the supply chain. These inefficiencies lead to a further problem of empty miles and their associated carbon emissions,” said Syed Aman, CEO and co-founder of Hwy Haul.
The company claims that its customers include distributors, and retailers, along with Fortune 500 companies.
Through the platform, shippers can find instant quotes and book loads while being provided with enhanced visibility for easier load tracking, including real-time humidity and temperature monitoring, during the logistics process.
“The produce freight brokerage industry has been operating in traditional ways for decades. We are excited to lead this investment round for Hwy Haul and support their mission to digitize every step in the value chain and create a seamless experience for the food and fresh produce fraternity,” said Kishore Bopardikar, founder and partner at Eileses Capital.
Founders Syed Aman and Sharan Grewal have previously worked with Walmart in the US. While Aman served as the director of supply chain at Walmart, building the American retailer’s online grocery platform; Grewal has held several key engineering positions at WalmartLabs. Hwy Haul’s third co-founder Zahed Khan has spent close to three decades in the fresh produce and logistics industry, the company said.
“Inefficiency in the fresh produce supply chain comes at a high cost, not only economically, but in terms of food waste and sustainability. We are excited to support Hwy Haul in their journey to dramatically improve this key part of our food system,” said Tom Shields, partner at AgFunder.
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