Sudu announced they have raised $1 million of their $2 million raise goal, fully funded from private investors. This current fundraising round marks the second for the company since its founding in 2015. The capital infusion will enhance the logistics technology platform, drive customer discovery, and allow for additional hiring of key staff roles.
“I previously invested in the Advanced Technology Development Center because of its promise of incubating payments technology companies,” said Tony Catalfano, a lead investor in Sudu. “Now as an investor I look to support companies with clear market differentiation and growth potential, and sound vision and leadership. I invested in Sudu because the company possesses all of those qualities, and is poised to revolutionize the shipping industry through the elimination of empty miles, empowering small truckers to compete for contracts; and driving efficiencies and diversity goals for shippers.”
Sudu’s financial position was further strengthened with the recent acquisition of four new customer contracts that join early its early onboard clients. Sudu won an RFP with CHEP, a Brambles company, that deals in pallet and container pooling services in a range of industrial and retail supply chains. CHEP is a global company with more than 7,000 employees, though Sudu will focus on its domestic U.S. services.
Dalton, Ga. Based Shaw Industries – the world’s largest carpet and flooring manufacturer (and Berkshire Hathaway, Inc. subsidiary) – recently signed Sudu to a contract through another RFP. The contract is Sudu’s second with a Fortune 500 company this year. Sudu also added building materials supply giant 84 Lumber, contracting to ship all product offerings across 30 states
“We are happy to support innovation in the logistics industry, particularly when it is taking place in the same state as our headquarters,” said Ben Ball, Director of Transportation at Shaw Industries. “We share Sudu’s goal of increasing efficiency in our distribution routes and are excited to partner with them and their technology moving forward, and believe they will aide in promoting sustainability in the shipping industry.”
“The recent capital investment and addition of four recognized corporate brands demonstrates a vote of confidence in the Sudu model, and lays the groundwork for growth that supports our diverse driver fleet,” said Amari Ruff, CEO of Sudu. “We are thankful for the financial support of our investors but are even more excited about their mentoring and insights that will allow us to manage the current rapid growth and build company skillsets and culture that position Sudu for long-term, sustainable growth.”
Sudu’s proprietary technology groups the smaller trucking firms into an alliance and provides a comprehensive solution to enable participants to collectively operate with performance advantages and abilities that rival the largest transportation providers in the country.
Founded in 2015, Sudu is a technology-based logistics company located at ATDC @ Georgia Tech and the orchestrator of the National Minority Transportation Consortium. Sudu offers an end-to-end platform that matches shippers and carriers based upon route optimization. The company was named one of Venture Atlanta’s “Atlanta’s 5 Startups to Watch in 2017.” http://sudu.io/
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