Prompt Digital Funds Community for Logistics, Relay Funds, Secures $35.three Million in Capital

Relay Funds not too long ago secured $35.three million in capital from 9 traders in response to a Type D submitting with the US Securities and Change Fee (SEC).

The Atlanta-headquartered Fintech agency (situated at The Battery Atlanta) affords an end-to-end immediate digital funds platform for logistics corporations and has been working quietly or largely underneath the radar in the course of the two years since its launch.

As first reported by Biz Journals, the Fintech agency had additionally acquired $7.7 million in funding again in July 2020, in response to an SEC submitting (additionally confirmed by PitchBook information and Crunchbase).

Relay Funds is managed by its co-founders, firm CEO Ryan Droege and President Spencer Barkoff. Lee Fixel is serving as a Director at Relay Funds. He’s a New York-based investor working with Addition, a VC agency.

Addition is a $1.three billion fund that makes strategic investments in early- and growth-stage corporations or companies. Fixel has beforehand labored as accomplice at Tiger World Administration, the place he made investments in Eventbrite, an occasion ticketing service supplier, and in addition invested in Peloton, a health platform.

Droege and Barkoff are additionally listed as co-founders of RoadSync, a digital funds community platform for logistics corporations that’s at present being managed by CEO Robin Gregg. RoadSync was beforehand known as MyLumper. Droege and Barkoff based Relay Funds after leaving RoadSync again in 2018.

As famous on Relay Funds’ official web site, clients that use the service “see financial savings on the primary transaction and significant ROI.” An additional 45 minutes are additionally added again to clients’ hours of service per transaction now that “funds on the dock are immediate,” the Relay Funds web site states.

The Relay Funds group additionally mentions:

“The drivers are the spine of every thing we do. Our driver council is a platform for drivers to work with Relay Funds on creating the very best fee expertise within the trade.”

Relay Funds’ administration had not too long ago introduced that they have been trying to rent Account Executives and BDRs. These professionals are anticipated to affix the agency’s Income Crew. Relay Funds says it goals to “hold America operating by means of COVID-19 and past.”