Denim, a recently rebranded fintech serving the freight and logistics industry, has raised $126 million of funding.
Pelion Venture Partners led the series B round. It included $26 million of equity financing and $100 million of debt financing.
Denim said the funding is a combination of equity to scale its platform and debt financing to provide working capital to freight brokerages. Along with its new capital, the US fintech also reintroduced itself as Denim.
Bharath Krishnamoorthy, chief executive officer and co-founder of Denim, which provides flexible financing and automation tools that reduce daily payments and collections tasks, commented: “The core challenge our clients face is adapting to the pressures of an increasingly complex and unpredictable supply chain. Freight brokers—and the shippers and carriers they work with—must find ways to evolve how they do business together with smarter tools.”
“Denim is pioneering the financial enablement market to meet this challenge, benefiting all parties along the supply chain. With the support of our investors, we’ll continue to scale and serve our clients while strengthening our position as a payments ecosystem that powers the supply chain.”
Last year, Denim quadrupled its revenue, and this year facilitated nearly 60,000 jobs between shippers, carriers and freight brokers through its platform.
Denim will leverage the new funding to scale its team and fuel product expansion efforts to meet the growing needs of the $134 billion freight broker market.
The series B funding round also included participation from Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners, and Refashiond Ventures. In total, Denim has raised $165 million in three years.