We're very excited to announce that we've raised a Series A round of $11 million! The round was led by Spark Capital and joined by new investor AITV, with follow on funding from existing investors Oâ€™Reilly Alpha Tech Ventures, Data Collective, and First Round Capital. Kevin Thau, General Partner at Spark Capital, will join the board. We are looking forward to transforming global trade alongside our investor partners.
We launched our online booking platform, starting with ocean freight, in March 2014. Over the last year, we've grown into a full-service programmatic logistics platform that automates freight procurement for the worldâ€™s largest commodity traders, food producers, and CPG companies. We pride ourselves in helping our customers improving their booking execution speed and efficiency.
We believe that it's important to eliminate the middlemen that introduce unnecessary complexity into the global supply chain. Transforming commodity transportation, for example, gets the materials that build our houses and the food we eat to where we need it, with less friction and at lower cost. Automating freight procurement has the potential to transform global trade, opening new markets and getting people the products that they need.
Freight is the largest variable cost for many shippers, and technology has the power to smooth that volatility. By incorporating data and technology into an industry that needs it, we can help reduce overall supply chain risk. This financing enables us to move forward on that mission.
The new money will be used to grow our European and Asian operations, and to continue our technology development. Haven recently opened its European headquarters in Basel, Switzerland, and plans to expand the office to better serve European customers.
And of course, we're hiring!