Maersk-backed ISO raises $15M to grow freight data startup
Isometric Technologies (ISO), a data software startup for logistics and freight companies, has raised $15 million in Series A funding, the company tells Axios, in a financing that involved shipping giant Maersk.
Why it matters: The shipping and logistics industry is coming off a two-year disruption with more volatility forecasted, creating an opening for data software startups to enter as a solution to the backlogs and holdups at ports and freight depots across the globe.
Details: Blackhorn Ventures led the all-equity round, which comes with a $60 million valuation for ISO. Blackhorn will get a board seat as lead on the deal.
- Maersk Growth, the Danish company's investment arm, also participated in the round.
Background: Brian Cristol co-founded ISO in 2020 after building out Uber's freight business.
- ISO's customer roster currently includes CPG and consumer-staples companies doing ground and last-mile delivery. ISO sells its software via a subscription model that tracks the goods and communicates with carriers and trucking companies.
What they're saying: Cristol maintains that having access to logistics data is a key component to measuring Scope 2 and 3 emissions, which the SEC has proposed making a requirement for all reporting companies.
- "You can't manage what you can't know," Cristol says.