NXT Capital Venture Finance has provided a $3 million venture loan to Boston-based Open Mile, an online logistics provider backed by Charles River Ventures and Globespan Capital Partners. The money will be used to “finance key growth initiatives,” according to a release.
NXT Capital Venture Finance, a months-old arm of the commercial finance company NXT Capital, provides senior and subordinated term loans in the $1 million to $20 million range to emerging growth companies backed by venture capital and private equity firms.
NXT Capital’s Venture Finance Group today announced the closing of a $3 million venture loan to Open Mile, Inc. The facility will enable Open Mile to finance key growth initiatives.
Open Mile is the first automated online logistics provider in the $60 billion transportation brokerage industry that helps both shippers and
trucking companies efficiently match supply and demand. Open Mile’s self-service transportation brokerage engine replaces the traditionally
manual phone and fax-based task of matching freight loads to available trucks with an intelligent, transparent, easy-to-use platform that uses
the latest web and mobile technologies.
Headquartered in Boston, Massachusetts, Open Mile is backed by Charles River Ventures and Globespan Capital Partners.
“Open Mile has created a revolutionary platform that provides much needed automation to the time-, labor- and paper-intensive freight brokerage
industry,” said Jan Haas, Senior Managing Director and Group Head of NXT Capital Venture Finance. “We see a tremendous opportunity for Open Mile’s
enterprise-class platform to provide unmatched operational efficiencies to a growing network of carriers and shippers.”
“We are very pleased to have NXT Capital Venture Finance as our financing partner,” said Evan Schumacher, Open Mile’s CEO. “NXT’s team took the time
to understand our business and the unique opportunity we have to disrupt the freight brokerage industry. In doing so, NXT designed a flexible
facility that enables us to truly accelerate growth.”
About NXT Capital Venture Finance:
NXT Capital Venture Finance is a newly formed business committed to serving entrepreneurs by providing less dilutive, more flexible forms of
capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance provides senior and subordinated term loans in the $1 million to
$20 million range to emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life
science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking more
efficient growth capital. For more information, see www.nxtcapital.com/venture-finance.
About NXT Capital:
NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its
Corporate Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport
Beach and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. See
www.nxtcapital.com for more information.
About Open Mile:
Open Mile is the transportation industry’s first online self-service brokerage. Providing logistics services for both carriers and shippers, Open Mile powers a smarter freight industry, providing shippers with lower costs and better service, and carriers with new customers and revenue opportunities. Open Mile is headquartered in Boston, Massachusetts.