A Scottsdale-based freight technology startup is experiencing significant growth nearly a year after landing $22 million in fresh capital to reach new clients.
MyCarrier, which created freight shipping management software for businesses, is looking to boost its workforce by 30% in the next year, following strong first quarter performance in which it gained 5,000 new customers, MyCarrier CEO Michael Bookout said.
The company’s growth is attributed in part to an increase in its insurance revenue stream and core shipper subscription services, he added.
MyCarrier, founded in 2017, connects small- and medium-sized businesses to what are called less-than-truckload carriers to ship items.
During the first quarter, MyCarrier reached new network adoption milestones, including 8,400 shippers on its platform and 11,000 shipments in a single business day, Bookout said.
“We’ve had tremendous growth," he said. "Our vision at MyCarrier is to create a two-sided market — an LTL and small-to-medium-sized business market for shippers."
MyCarrier has more than 52,000 registered users on its platform. As a result of its recent boom, it expects to hit an average run rate of $20 million and year-over-year growth of 115% this year, according to the company.
Lucas Oil, U-Haul and IPC Global are among the carriers it serves.
MyCarrier’s platform works by generating automated quotes from shipment data and enabling booking with electronic bills of lading. Its system also offers electronic tracking and proof of delivery.
“What we are trying to do is take what has been a paper industry for the longest time and really digitize it through our platform,” Bookout said.
This year, MyCarrier launched its first version of Quick Connect, a system that enables shippers to integrate their shipment data into their resource planning software.
The company aims to add new products — including payment processing software — that is expected to generate $3.5 million in annual recurring revenue by the end of the year. It also expects to attain more than 3 million automated shipments on its platform.
MyCarrier, which has nearly 90 employees, is also looking to expand its workforce to keep up with product demand.
“We are looking to grow headcount over the next year by 30% with a primary focus on product, engineering and sales roles to continue to service our customers' needs,” Bookout said.
Last month, MyCarrier was named a leader in the transportation management systems and shipping software categories in software marketplace G2’s spring report.
“We’ve been able to continue to grow this year and since inception,” Bookout said. “For me, that’s a big accomplishment.”
