Orlando-based logistics tech firm OneRail has hauled in a $33 million Series B fundraising round, which will lead to new high-wage jobs and more.
Why this story matters: OneRail’s funding round means money to hire more employees in Orlando, which means the creation of primarily high-wage jobs such as analysts and engineers.
OneRail’s latest investment round was co-led by Winter Park-based Arsenal Growth Equity LLC and San Francisco-based Piva Capital LLC, OneRail announced Nov. 30.
The infusion of money will power the refinement of its platform and new hires at OneRail, which already planned to hire 100 people in 2022, founder and CEO Bill Catania previously told Orlando Inno.
Founded in 2018, OneRail is a last-mile delivery tech startup that provides clients with access to a network of nearly 10 million drivers with a 98.6% on-time delivery rate. It employs nearly 100 people in Central Florida and notched 312% revenue growth between August 2021-August 2022.
OneRail’s next chapter of growth includes new hires in its sales, marketing and solution engineering teams. It’s unclear how many people OneRail may hire, but the company has 13 Orlando-based and remote job openings, according to its website.
Plus, OneRail will add capabilities to its logistics platform that improve the dependability, affordability and sustainability of its services.
OneRail executives weren’t available for further comment.
Private equity firm Arsenal’s portfolio included multiple companies focused on the e-commerce sector before it invested in OneRail, which Arsenal believes can “transform the last-mile logistics sector,” Arsenal Founding Partner John Trbovich said in a prepared statement. “OneRail’s growth over the past 24 months is validation of their differentiated supply-chain solution for the last mile.”
Other investors in the Series B round include Trimble Ventures, an investment fund operated by Sunnyvale, California-based industrial tech company Trimble Inc. (Nasdaq: TRMB), and Huntersville, North Carolina-based American Tire Distributors Inc. In addition, existing investors Ironspring Ventures, Las Olas Venture Capital, Bullpen Capital, Triphammer Ventures/Alumni Ventures Group, Gaingels and Mana Ventures participated in the funding round.
OneRail has raised $54.5 million in capital since its seed round in 2020.
Before 2020, OneRail was based in North Carolina, but it consolidated its headquarters in Orlando two years ago. That move was supported by Fort Lauderdale-based Las Olas, which encouraged Catania to have a single corporate hub for the company, Las Olas Managing Partner Mark Volchek recently told Orlando Inno.
Las Olas has been a OneRail investor since it led the firm’s $5.8 million seed round, impressed with Catania’s entrepreneurial experience and early tracion, Volchek said. “Bill Catania is a strong operator.”
The $33 million investment deal caps off a year of growth and accolades for OneRail. In addition to its staff expansion and revenue surge, the company was named to the Inc. 5000 list of the private companies with the strongest revenue growth and honored as one of Orlando Inno’s inaugural Fire Awards “Blazers.”
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