Led by Allos Ventures, with participation from Hearst, funds will be used to expand product development and accelerate growth
PITTSBURGH–(BUSINESS WIRE)–#funding—Maven Machines, the only provider of fleet management software for the commercial trucking industry that combines telematics and transportation management system (TMS) capabilities, announced today $7 million in Series A funding led by Allos Ventures, with additional participation from Hearst Ventures, Riverfront Ventures, Great Oaks Venture Capital and existing private investors.
“Allos Ventures adds important strengths to our strategic team with its deep experience supporting rapid growth technology companies,” said Avi Geller, CEO of Maven Machines. “Hearst is also an ideal partner to support Maven Machines’ exponential growth. It offers a worldwide presence, New York headquarters, and extensive knowledge of the logistics and transportation industries. Support from our investors is vital in achieving our mission to revolutionize the way fleets run their businesses.”
The financing will be used to increase Maven’s workforce across all departments including engineering, operations, sales and marketing. The company anticipates doubling in size to nearly 100 employees before the end of 2020. Additionally, funds will fuel rapid development of its proprietary technology platform. John McIlwraith, managing director at Allos Ventures, and David Famolari, managing director of Hearst Ventures, will join Maven Machines’ board of directors.
“Maven Machines has built an excellent foundation as an industry leader developing the next generation of cloud-based fleet management systems,” said McIlwraith. “The software suite which Avi and the team have developed is truly impressive. The company is a great example of a founder-led, capital-efficient B2B SaaS business that we like to invest in.”
Fleet management, dispatch and ELD software are essential to the management of fleet operations. Maven Machines combines the power of all three in its cloud-based IoT platform, increasing efficiency and helping fleets maintain compliance, an essential factor in today’s ever-changing regulatory landscape. Leading industry fleets including Ward Trucking, Daylight Transport and CRST consider Maven Machines a mission-critical piece of their everyday operations.
“Commercial trucking is a highly competitive, dynamic industry that is vital to the American economy,” said Famolari. “We look forward to Maven Machines becoming a transformative company that will give medium to large trucking fleets an even more robust suite of cutting-edge software tools to optimize operations.”
To learn more about Maven Machines, visit mavenmachines.com.
About Maven Machines
Maven Machines was founded to unlock new opportunities and value for the transportation industry. With Maven Machines, transportation fleets of all sizes and use cases leverage its proprietary cloud-based IoT platform to reduce risk and optimize day-to-day operations. This includes route planning, dispatching, telematics, ELD compliance, driver safety, supply chain visibility and cost optimization. Maven’s platform and application architecture ensure that its solutions adapt to current and future operational and regulatory requirements, allowing transportation providers to focus on their core business.
About Allos Ventures
Allos Ventures invests in early-stage technology companies based in the Midwest. Investments focus on B2B software companies at a Series A or B stage, augmenting the capital provided by seed and startup investors. In addition to the capital Allos provides, portfolio companies benefit from the extensive operating and business-building experience of the firm’s managing partners, who make themselves available as needed to support each portfolio company’s growth.
About Hearst Ventures
Hearst Ventures (hearstventures.com) is the global venture capital division of Hearst, a leading global, diversified media, information and services company with more than 360 businesses. Founded in 1995, the group has grown to become one of the most active and successful corporate venture funds with more than $1 billion invested to date. Notable investments include Via, FreightWaves, Spartan, 3D Hubs, LiveSafe, PowerToFly, RiskGenius and Buzzfeed.
About Riverfront Ventures
Riverfront Ventures LLC (RFV) is a venture fund investing in early stage technology companies primarily located in southwestern Pennsylvania. RFV is the affiliate of Innovation Works, Inc. (IW), one of the nation’s most active seed investors.
About Great Oaks Venture Capital
Great Oaks Venture Capital is among the most active seed investors in New York. They partner with talented, focused founders building enduring businesses across consumer, enterprise and healthcare.
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