Bi-coastal venture capital firm Greycroft Partners, which has offices in the downtown Los Angeles Arts District, announced Nov. 15 it led a $20 million seed round for shipping logistics management firm Emerge, based in Scottsdale, Ariz.
Emerge is the creator of the Private Freight Marketplace platform, which connects shippers and carriers to manage logistics. Greycroft Partners Principal Investor Will Szczerbiak said, “We have looked at a bunch of other vendors and Emerge stands in a class of its own when it comes to creating a more delightful and efficient freight booking experience for shippers, carriers, and brokers alike. It is a real platform.”
Emerge Chief Executive Michael Leto founded the company with his brother Andrew in 2018, after his first shipping software venture Globaltranz was sold to New York City private equity firm the Jordan Company for over $400 million in June 2015.
Szczerbiak said of the Letos, “Andrew and Michael are true veterans in this space and are the only ones with the relationships and know how to be able to build what they’ve built.”
Tech reporter Samson Amore can be reached at email@example.com or (323) 556-8335. Follow him on Twitter @samsonamore.
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