A Green Bay logistics startup that helps carriers and shippers connect with companies that share complementary shipping routes has been acquired by logistics company Transplace.
Lanehub announced Tuesday that it has been acquired by Transplace, a Frisco, TX.-based provider of transportation management services and logistics tech. Terms of the acquisition, which is effective immediately, were not disclosed.
Founded in 2016, Lanehub has built a collaboration platform for the logistics industry. Its software allows companies to collaborate with businesses that have similar shipping routes, letting them share truckload capacity, reduce transportation costs and better utilize their fleets. The startup says it has created the "social network for transportation" by creating a simple collaboration tool for shippers and carriers.
Lanehub has raised at least $500,000 in funding, according to Crunchbase. Its investors include NEW Venture Foundry. It also won $100,000 in 2017 in a Rise of the Rest pitch competition, and was one of Wisconsin Inno's 19 Startups to Watch in 2019.
The startup's customer base is made up of 150 shippers and 250 carriers, including well-known brands like Anheuser-Busch, Bridgestone and Procter & Gamble.
"This is a major milestone for our company because of how much more we can do as part of Transplace, a true leader in the global logistics industry," Mark Hackl, founder and CEO of Lanehub, said in a statement.
Transplace, founded in 2000, has more than 1,000 customers and $9 billion of freight under management. The company did more than $3 billion in revenue in 2019.
