Atlanta logistics financial technology startup RoadSync raised $30 million to expand its product offerings and continue hiring.
The round was led by New York-based firm Tiger Global Management and included participation from Base10 Partners, Hyde Park Venture Partners and Gaingels.
RoadSync digitizes and automates payments in the logistics industry, where paper invoices and in-person transactions have been the norm, CEO Robin Gregg said. But, the pandemic turned in-person payments into a safety issue, accelerating demand for digital products, Gregg said.
The startup enables vendors, such as warehouses that work with trucking companies, to take different types of digital payments. It also provides a way for truckers to submit expense reports. Launched in 2017, it now has tens of thousands of software users across the country.
“We really want to help everybody in the ecosystem have visibility around their expenses and financial transactions,” Gregg said.
In April 2020, it raised a $5.7 million round. The latest round indicates RoadSync is poised to expand. It plans to add at least 50 people in sales and product engineering by the end of the year, Gregg said. Those roles will be based in Atlanta with the option for remote work. The startup has about 90 employees right now.
In March, it hired its first chief financial officer, Kevin Phillips, a veteran of the Atlanta innovation ecosystem.
The startup will build a suite of financial products including for lending and payroll.
RoadSync combines two strengths of the Atlanta tech ecosystem: logistics and payments. That reputation makes hiring in the market easier, Gregg said. Current and potential customers are also mostly based within a four-hour drive.
