Open Mile
Open Mile operates a real-time freight marketplace, provides logistics services and creates apps for Carriers and Shippers..
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor investor | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | N/A | Acquisition | |
| Total Funding | 000k | ||
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Founded in 2010 by Brian Morgan and Evan Schumacher, Open Mile, Inc. operated as a non-asset truckload service provider, positioning itself as a high-technology freight brokerage. The Boston-based company aimed to disrupt the transportation industry by developing a proprietary, cloud-based platform to automate many of the manual tasks associated with freight management, including sourcing, booking, tracking, and payment.
Open Mile's business model centered on connecting shippers with its network of trucking companies through its online and mobile applications. By automating key processes, the company sought to operate more efficiently than traditional brokers, passing cost savings to both its shipper and carrier clients. A core tenet of its approach was a focus on transparency, openly sharing pricing information and performance metrics to build trust. The company's technology was a key differentiator, featuring advanced truck tracking via cellphone systems that provided brokers and clients with real-time location data.
The company demonstrated early traction, securing a total of $9 million in venture capital over two funding rounds. The initial round was in February 2011, followed by a $3 million Series B round in March 2012, with investors including Globespan Capital Partners, CRV, and NXT Capital. This financial backing fueled the development of its technology and expansion of its carrier network. In March 2013, Open Mile was acquired by Echo Global Logistics (NASDAQ: ECHO), a major provider of transportation and supply chain management services. The acquisition was driven by Echo's interest in Open Mile's advanced, cloud-based automation technology and its desire to expand its client base and carrier network in the northeastern United States. At the time of the acquisition, financial terms were not disclosed, and Open Mile had 27 employees.
Keywords: freight brokerage, truckload brokerage, transportation management, logistics technology, supply chain automation, freight booking platform, carrier network, digital freight, cloud-based logistics, non-asset logistics, Echo Global Logistics acquisition, Brian Morgan, Evan Schumacher, freight tracking, transportation efficiency