FreightRover Launches $500 Million Supply Chain Financing Facility
Crayhill Capital and other private investors add billions of dollars a year of funding capacity
INDIANAPOLIS, Sept. 26, 2018 /PRNewswire/ -- FreightRover LLC ("FreightRover"), a provider of supply chain management and payment solution technology for the transportation industry, today announced it has closed on a new financing facility of up to $500 million with Crayhill Capital Management LP ("Crayhill") and other investors. The new facility will support the supply chain and factoring operations conducted by FreightRover's affiliate, Rover180 LLC ("Rover180"). Rover180 recently launched as a trade finance company focused on facilitating quick pay financing options for suppliers, with a special emphasis on transportation providers.
Rover180's supply chain financing and factoring solutions allow buyers to benefit from extended pay terms while providing suppliers with accelerated receivables. "The capital resources provided by Crayhill and other investors, combined with our advanced technology platform, will enable FreightRover to fund the myriad of supply chain micro-payments across a highly fragmented supplier group," said Eric Meek, CEO of FreightRover. "Traditional supply chain finance offers limited flexibility and often lacks automated efficiencies. Our capital and technology structure uniquely address both challenges for prospective clients."
"Crayhill is excited to partner with FreightRover's experienced management team to scale its innovative Rover180 platform for transportation supply chain finance," said Josh Eaton, Managing Partner of Crayhill Capital. "We are impressed by FreightRover's ability to offer value-added technological and management solutions in the transportation industry and are well-positioned to help Rover180 leverage this expertise to bring efficiencies and scale to the supply chain finance markets. Crayhill's expertise in providing asset-based capital solutions to trade finance and specialty finance companies, combined with our collaborative approach to assisting our partners in optimizing and executing their business plans, is well suited to help Rover180 capture this attractive market opportunity."
According to The Hackett Group, top buyer timetables in the US have extended to an average of nearly 57 days to pay suppliers. Managing delayed cash payments is increasingly difficult for small businesses, specifically in transportation where the average fleet size is less than 20 trucks. FreightRover's leading software platform directly integrates with existing shipper systems to automate and streamline invoicing and straight-through payment processing.
Transportation One, an Inc. 5000 Chicago-based logistics firm, recently adopted FreightRover's technology to bring efficiencies to the freight management process, including pay. "Leveraging the technology helps us compete with any logistics provider in the industry," said Jamie Teets, CEO of Transportation One. "Now adding Rover180's supply chain financing, we have a competitive edge with our carrier and customer partners."
Customers such as Berry Global are working with Rover180 to provide vendors with immediate payment options, while maintaining historical financial funding practices.
About FreightRover
FreightRover offers a technology suite designed to streamline supply chain management. Launched in 2017 by transportation executives, FreightRover leverages system connections, cross-sector partnerships, and process automation in its platform design. The company specializes in fintech by intersecting new financial strategies with technology development to push innovation. FreightRover is a Mira Best New Tech Startup winner and includes a growing list of industry-leading integrations within its robust platform. To learn more about FreightRover, visit www.freightrover.com.
About Rover180
Rover180 provides alternative supply chain finance and factoring programs that represent a "180 on traditional finance." Headquartered in Indianapolis, Indiana, Rover180 leverages private capital and advanced technology to create flexible funding models that keep cash moving across today's evolving supply chain. Learn more at www.rover180.com.
About Crayhill Capital Management
Crayhill Capital Management LP is a New York-based alternative asset management firm that specializes in asset-based private credit opportunities. The firm was launched in August 2015 and is registered with the U.S. SEC as an investment adviser. Crayhill strives to deliver capital solutions through tailored financing structures, focusing on developed markets. Its asset-based investment strategies draw on deep sector expertise and relationships throughout the structured finance and specialty finance markets. Crayhill's investment process focuses on fundamental analysis of collateral combined with active structuring, with an emphasis on asset coverage and capital preservation. For more information please visit www.crayhill.com or email [email protected].
SOURCE FreightRover
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