Software startup Renaissant will use a recently completed $5 million investment round to fund further development of its logistics platform, the Milwaukee-based company announced.
The Series A funding round was led by Green Bay’s TitletownTech — a venture capital firm created by the Green Bay Packers and Microsoft — and also included New York’s Interlock Partners, Venture53 in Georgia, NFI Ventures of New Jersey and Texas-based Perot Jain.
Since launching in 2018, Renaissant has been developing a data analytics and workflow platform for its customers’ logistics operations. It’s meant to reduce inefficiency by “integrating and optimizing” warehousing, transportation management, driver coordination and more.
This platform can improve site security, sustainability and regulatory compliance while reducing the amount of labor needed for shipping efforts, the company says. It has helped customers reduce the time their drivers spend waiting at drop-off or pick-up facilities by up to 50% within three months, which has cut “thousands of hours of wasted time” daily, according to the release.
Tom Dean, the company’s CEO and founder, says the funding round “highlights the incredible progress we’ve made and the significant market opportunity ahead of us.”
The newly raised funds will be used to further develop this platform and strengthen sales and marketing efforts, with a focus on regions where Renaissant’s compliance services have seen the most demand.
“Our customers have achieved remarkable savings and efficiency gains using our platform,” Dean said. “With this investment, we plan to expand our reach and continue to innovate, delivering even greater value to our clients.”
Pat Martin is founder and general partner of Venture53, a seed stage fund and accelerator focused on transportation and logistics. He says businesses know they need to continually become more efficient in order to stay competitive, noting “there are very few ways to deploy software today” that connects to existing systems to deliver “near instant” return on investment.
“Renaissant does just that,” Martin said in a statement. “This is one smart company and we’re proud to support their vision.”
The company has already raised at least $2.5 million in previously announced investment funds and loans, according to its website.
See more in the release.
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