Rose Rocket, a SaaS startup based in Toronto, has raised $25 in Series A funding to scale its trucking-focused transportation management software (TMS).
The funding round was co-led by Lee Fixel of Addition Capital and Mo Koyfman of Shine Capital, with participation from Ripple Ventures, Scale-Up Ventures, Kevin Mahaffey, Funders Club, and Y-Combinator. Mo Koyfman, Founder and General Partner at Shine Capital, referred to the firm’s participation in the round by stating:
“Rose Rocket is uniquely positioned to be the transportation industry’s first network-driven SaaS company, where collaboration between the various network participants drives growth of the platform and opens up meaningful monetization opportunities. Rose Rocket’s world-class team is bringing the right product to market at exactly the right time.”
Rose Rocket was founded in 2015 and has been helping transportation companies improve their communication efforts ever since. The platform improves the efficiency of trucking operations by changing how customers, freight movers, and systems communicate with each other.
The increasing interconnectedness between logistics and freighting has resulted in fertile growth for Rose Rocket to experience rapid growth. Over the past 12 months alone, the startup has seen its user base grow by more than 900% as a result of the increasing demand as tech adoption continues. Justin Sky, CEO and Co-Founder of Rose Rocket, said in this regard:
“When we started building trucking software, we found that the industry was left behind by the movement to SaaS. Over the past decade, we’ve seen the industry shift from pen and paper to on-premise systems to using modern software. This is the first time in our industry’s history where collaborative network effects are even possible. We are so excited to be able to continue building products that help our customers unlock their operations and network.”
Freighting and logistics were some of the industries most negatively affected by the COVID-19 pandemic, which highlighted the problems resulting from the use of legacy systems. By helping organizations improve their operations via a specialized software suite, Rose Rocket expects to shield the industry from similar disruptions in the future, becoming a major player in an industry essential for the global economy.