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 Alvys, a freight transportation management system, closed a $40 million Series B led by RTP Capital, the company announced Monday.

Why it matters: Freight carriers and brokers are increasingly turning to tech for efficiency and cost savings. 

Follow the money: Alpha Square Group and existing investors Titanium Ventures, Picus Capital and Bonfire Ventures joined.

Catch up quick: Titanium led Alvys' $20.5 million Series A round last year.

The Solana Beach, Calif.-based startup was founded in 2020 and has raised a total of $77 million.

State of play: While the freight market is still struggling to emerge from a prolonged slump, it's a busy time for freight tech deals.

Rose Rocket acquired supply chain risk platform Centro, while data startup Catena raised a $5 million seed and is planning a $15 million-$20 million raise, Axios Pro reported. 

By the numbers: Alvys customers have achieved a 28% increase in monthly loads and a 9% revenue boost, the startup says.

What's next: Alvys says it will use the Series B to improve API integrations and refine AI analytics and compliance features for carrier customers.

Alvys raises $40M Series B for transportation management system

Freight carriers and brokers are increasingly turning to tech for efficiency and, as Alvys boasts, "substantial profit-driving solutions."

Illustration of shipping containers arranged like a bar graph.

Alvys, a freight transportation management system, closed a $40 million Series B led by RTP Capital, the company announced Monday.Why it matters: Freight carriers and brokers are increasingly turning to tech for efficiency and cost savings.

Alvys raises $40M Series B for transportation management system

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