Total amount raised
$13.8 Million
Latest funding date
03/01/2021
Location
Baton has raised funding over two rounds, with the latest being a Series A round, and is backed by 14 investors, including Jett McCandless and Prologis Ventures. The company was recently acquired by Ryder, aiming to revolutionize the supply chain industry through its digital platform.
Keep reading to explore the intricacies of Baton's fundraising journey and the investors backing this innovative platform.
What Is Baton?
Baton, located in San Francisco, California, operates in the fields of Artificial Intelligence, Logistics, and Supply Chain Management. The company, which has an employee count ranging between 11-50, was acquired by Ryder and is now a technology innovation lab for the logistics giant.
Originally a technology startup, Baton focuses on eliminating waste in supply chains and optimizing freight networks using AI. Recognized as one of the most disruptive companies in the freight industry, Baton continues to innovate and drive efficiency in the supply chain sector.
How Much Funding Has Baton Raised?
- Seed Round
- Amount Raised: USD 3,300,000
- Date: November 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial business model and software platform for coordinating vehicles, drop zones, warehouses, and local drivers.
- Series A Round
- Amount Raised: USD 10,500,000
- Date: March 2021
- Lead Investors: 8VC, Maersk Growth
- Valuation at Round: USD 50,000,000
- Motivation Behind the Round: To expand the network of drop zones to additional cities like Atlanta, Chicago, and Dallas, and to support the transition to autonomous and electric trucks.
Total Amount Raised: USD 13,800,000. Current Valuation: USD 50,000,000.
Key Investors
- 8VC
- Details: 8VC is a venture capital firm that co-led Baton's Series A funding round and also participated in the seed round. The firm is known for its investments in technology and logistics startups.
- Investment Focus Areas: Technology, logistics, startups
- Notable Investments: Baton
- Maersk Growth
- Details: Maersk Growth is the corporate venture arm of AP Moller-Maersk, a global leader in transportation and logistics. They co-led Baton's Series A funding round.
- Investment Focus Areas: Transportation, logistics, supply chain innovations
- Notable Investments: Baton
- Prologis
- Details: Prologis is a real estate corporation that participated in Baton's seed round. The company specializes in logistics facilities and real estate investments.
- Investment Focus Areas: Real estate, logistics facilities
- Notable Investments: Not publicly disclosed
- Ryder
- Details: Ryder is a logistics and transportation company that participated in Baton's Series A funding round. They aim to revolutionize the supply chain industry through innovative solutions.
- Investment Focus Areas: Logistics, transportation solutions
- Notable Investments: Not publicly disclosed
- Lineage Logistics
- Details: Lineage Logistics specializes in temperature-controlled logistics and participated in Baton's Series A funding round. They are a key player in the logistics sector.
- Investment Focus Areas: Temperature-controlled logistics, supply chain solutions
- Notable Investments: Not publicly disclosed
What's Next for Baton?
As Baton looks to the future, the company is poised to capitalize on significant opportunities in the logistics sector. The expansion of their drop zones to cities like Atlanta, Chicago, and Dallas will address inefficiencies in the trucking industry, potentially saving billions of hours annually. This growth is supported by a robust $10.5 million Series A funding round, positioning Baton to lead in the integration of autonomous and electric trucks.
Future fundraising opportunities appear promising as Baton continues to demonstrate the effectiveness of its model. Strategic partnerships with logistics and real estate companies could further bolster their expansion. However, challenges such as scaling operations, integrating with local fleets, and navigating regulatory hurdles for autonomous trucks remain. Despite these obstacles, Baton's innovative approach and strong financial backing suggest a bright future ahead.
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