Birmingham-based logistics marketplace and digital-leasing platform REPOWR has closed a funding round of $8 million.
The series A round was led by UP.Partners., a multi-strategy investment firm focused on the mobility sector.
"Trucking is an $870 billion market with over 13 million vehicles operating on North American roads; however, trailers are habitually underutilized and sit idle a significant percentage of the time," said Ally Warson, partner at UP.Partners and REPOWR board member. "... We are bullish on Patrick (Visintainer, CEO of REPOWR), Spencer (Ware, co-founder and COO of REPOWR) and the rest of the REPOWR team's ability to build a fantastic business while bringing order and efficiency to the market."
The REPOWR platform aims to usher in new methodologies of trailer management by replacing trailer pooling strategies with trailer network strategies.
One top fleet, ArcBest, shared its experience with REPOWR’s platform, saying REPOWR’s marketplace has enabled it to reduce cost from it underused equipment, rebalance trailer pools and start new drivers in its network more cost effectively by reducing deadhead to their first trailer, according to Terry Freeze, director of dedicated services at ArcBest.
In March 2022, the BBJ reported REPOWR closed a $4.2 million seed round. The seed round was led by Koch Disruptive Technologies, the growth and venture arm of Koch Industries, along with participation from the Perot Jain Alliance and several strategic angel investors.
