FRAYT Secures $7 Million In Funding, Expands On-Demand Delivery Service To 50+ Major U.S. Cities

In Partnership with APG

The COVID-19 pandemic has brought to the forefront the challenges companies face in delivering items timeously. With lockdowns and restrictions in place, the demand for online shopping surged, resulting in supply chain disruptions and delivery delays. This has made last-mile delivery a point of much consternation within the supply chain industry. 

Fortunately, FRAYT, a last-mile on-demand delivery and logistics platform, has revolutionized the last-mile delivery industry by offering an on-demand SaaS delivery platform. 

Unlike traditional last-mile delivery solutions that are slow, manual, and unable to scale, FRAYT's platform seamlessly connects shippers with professional drivers in minutes, enabling companies to offer scheduled or same-day delivery from their desktop, mobile devices, or API integration. 

In even better news for the innovative company and customers worldwide, FRAYT recently announced the successful completion of its Series A funding round, raising $7 million, which the company plans to use to drive product innovation, support rapid market expansion, and grow its leadership team. The funding was led by Refinery Ventures, with participation from Capital Midwest, Venture 53, and the JobsOhio Growth Capital Fund. 

Co-Founder and CEO of FRAYT Luke Denny explained the significance of the funding: 

"Last-mile delivery is extremely challenging and a major pain point in every supply chain. We are thrilled to announce the successful completion of our series A round of funding, which will allow us to further invest in our last mile product's capabilities and enhance the customer experience." 

Headquartered in Cincinnati, Ohio, FRAYT has over 12,000 drivers across 50+ markets and over 300 customers, including Fortune 500 customers Bridgestone, Sherwin-Williams, The Tile Shop, and Cargill. 

The FRAYT platform connects shippers with professional drivers in minutes, allowing companies to extend their delivery services and ensure that every item is delivered quickly and efficiently while saving time and money. 

Once a request is posted to the marketplace and a driver accepts the dispatch, the delivery is tracked in real-time from pick up to drop off for complete visibility from start to finish.  

Tim Schigel, the managing partner of Refinery Ventures, stated that the $124B+ last-mile delivery industry hasn't kept up with expectations, which became more apparent during the pandemic. This has negatively impacted the industry and its customers. 

However, Schigel believes FRAYT's innovative technology empowers companies to extend their delivery services, ensuring every item is delivered quickly and efficiently while saving time and money. He looks forward to working with Denny and his team to help scale and grow the company in 2023 and beyond.

In a world where online shopping is rapidly becoming the norm, companies like FRAYT have become essential in ensuring timely deliveries. Their on-demand SaaS delivery platform has revolutionized last-mile delivery by providing a seamless connection between shippers and professional drivers in minutes. 

This is especially important as the COVID-19 pandemic has revealed the challenges of supply chain disruptions and delivery delays. FRAYT's ability to provide speed, efficiency, and reliability is crucial to maintaining customer satisfaction and the smooth operation of the industry. 

And now, with the backing of its investors, FRAYT is well-positioned to scale and grow in 2023 and beyond.