Los Angeles, CA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Today WARP, a tech-powered freight network specializing in middle-mile solutions, announced an additional $5.7M in funding to bring its total to $8.1M for its first operational year, 2022. LA-based venture capital firms MaC Venture Capital, Bonfire Ventures, and Frontier Venture Capital contributed to this follow-on round with additional contributions from some of WARP’s previous investors. WARP emerged from stealth mode in February, 2022 with a $2.4M seed round to digitize the old school trucking model and create the most efficient routes for middle-mile freight. This follow-on round of funding will allow WARP to scale their network and tech platform to further automate traditional supply chain “hacks” that were previously done manually.
Today’s shippers operate in a volatile environment. Between inflation, ongoing Covid spikes, and fluctuating transportation costs, it can be extremely difficult to manage a complex supply chain. Whenever a shipper's volume goes up or down, they need to readjust their logistics strategy which decreases efficiency and increases cost. WARP takes existing supply chain solutions and provides real-time optimization based on dynamic demand while removing manual processes for shippers, carriers and back-office teams.
“What we’re doing with WARP is changing the cost structure of freight shipping with new technology that currently doesn’t exist or integrate with other models,” said WARP CEO and Co-Founder, Daniel Sokolovsky. “WARP is linking together the entire supply chain using technology that provides an unmatched solution that can adapt and flex based customer’s needs as well as integrate new solutions as they become available.”
The routing algorithm takes into account the desired transit time, price, and calculates the best route and type of vehicle. The technology meshes the carrier picking up the load, the WARP StationsTM (cross-dock facilities), and the carrier delivering the shipment, to provide the shipper with the most efficient supply chain based on their desired delivery time and cost.
WARP’s technology automates the following processes that deliver consolidation solutions with better visibility throughout the whole supply chain.
- Direct Store Delivery – WARP provides more transparency at a lower cost by right-sizing capacity based on the pallet-level/piece count of shipments that day, time, and place.
- Inventory Replenishment and Transfers – With a traditional replenishment and transfer strategy, shippers easily lose track of where their loads are due to multiple transactions, each with their own manual reporting processes. WARP provides visibility through the entire process by real-time inventory management and tracking across all distribution channels.
- Inbound Consolidation – Large retailers that stock multiple brands order inventory from multiple vendors, using multiple different carriers for pickups and deliveries. Those carriers all move these shipments through their own hub and spoke networks that provide zero visibility. WARP’s proprietary technology and network of carriers allows them to send the right size vehicle depending on the load and if appropriate, consolidate at WARP StationsTM.
- Direct Last Mile Carrier Injection – Diversification of last mile carriers has led to poor operational flow, dock congestion, and missed delivery windows. By directly injecting into last mile sortation centers, WARP bypasses the expensive and damage-prone first and middle mile of legacy national parcel carriers. This yields not only cost savings, but decreased time in transit and improved on time delivery.
“The fractured middle mile of logistics has long been lacking the innovation and technology to catch up with the demands of modern brands and retailers,” said Mike Palank, General Partner, MaC Venture Capital. “Middle mile logistics is the glue of modern commerce. As the glue, WARP enables distribution to critical nodes in the modern e-commerce and retail supply chains. WARP is transforming the world of commerce by enabling brands and retailers to fully connect under-optimized parts of their supply chain. Their suite of solutions dynamically optimizes shipments and automates traditionally manual processes. This makes it easy for modern shippers to flex up or down with the dynamic demand from their customers, online and in stores.”
About WARP
WARP is a modern freight network bringing peace of mind to shippers founded by entrepreneurs Daniel Sokolovsky and Troy Lester. With its heterogeneous fleet of 53-footers, box trucks, and cargo vans, WARP offers customers the right vehicle for every load based on their speed, price, and service preferences. By pairing proprietary tech with a broad network of carriers and cross-docks, WARP automatically optimizes middle-mile routes through a single integrated platform, giving shippers unparalleled visibility of their loads. Whether it's a direct store delivery, warehouse-to-warehouse transfers, or linehaul injection into last mile carriers, WARP customers receive real-time tracking and status updates along with dedicated support every step of the way.
Stephanie Levinson Warp press@wearewarp.com
