At the beginning of last year, Mercado Labs announced landing new funding. Now it’s closing this one with a similar announcement.
The Dallas-based supply chain startup has raised a new Series A funding round led by venture capital firm SJF Ventures.
“As most products are made globally, we share a passion for increasing visibility and transparency into how products are planned, bought, and moved globally,” said Rob Garrison, founder and CEO, in a statement.
The company did not disclose the raise amount, which was joined by existing investors Supply Chain Ventures and early-stage Austin firms LiveOak Venture Partners and Ironspring Ventures.
Mercado did not respond to questions sent by NTX Inno before publication.
It said the funding would help drive its efforts to “rapidly digitize and automate the ordering and transport of goods throughout the international supply chain,” noting that the pandemic supply chain issues have accelerated demand for technology solutions and automation. Mercado’s software helps bring speed, management and efficiency to the import process, letting companies use services that today are often handled by Microsoft Office’s broader tools.
“We believe the industry is about to undergo the biggest evolution since the advent of the container,” Garrison said. “Containerization had a massive impact on the speed, efficiency, and standardization of the logistics, which made global trade possible. Modern technology will be the next great evolution in bringing the world closer together with full transparency and visibility.”
Launched in 2018, Mercado has a team of more than 30, with offices in Dallas and Austin. The company also says it has a presence in California, Pennsylvania, Hong Kong and London.
In January of last year, the company closed a $3.2 million seed round led by LiveOak and joined by Schematic Ventures, Story Ventures and Amplifier. It followed that last July with a $2.5 million “interim round” led by Ironspring. According to the SaaS-focused website GetLatka, Mercado saw $328.2 million in revenue this year.
“With the (newest) investment, Mercado plans to rapidly accelerate both operational excellence and next-level solutions by bringing the import process entirely online,” the company wrote in a release.
