FreightRover Launches $500 Million Supply Chain Financing Facility

Crayhill Capital and other private investors add billions of dollars a year of funding capacity

(INDIANAPOLIS, IN, September 26, 2018) – 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 (NYSE: BERY) 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 info@crayhill.com.

Moving Forward in a Digitized World

In today’s world we see digitization all around us, you can order your groceries on the internet and have them show up at your door an hour later or catch a ride with the push of a button.  Technology is integral to our lives and many of us would probably be lost without our smartphones, tablets or laptops at our disposal.  It only makes sense then that the transportation and logistics industry would follow suit.

“It has become an increasing challenge for the logistics industry to stay on top of new advances in business processes…customers want full transparency into where their delivery is at all times.” according to Logistics Management.

Freight xChange takes those concerns and turns them into a powerful, streamlined automation tools that connects the logistics industry in new ways.

 

Your Freight, Your Way

Freight xChange provides carriers, shippers and 3PLs with peace of mind, knowing that they are connecting to the people they want.  The portal is white-labeled, enabling shippers/3PLs to customize the internal board to fit their business while carriers can select freight with a single click.  Everyone sees what they need and can trust they are working with the right people.  Streamlined freight management doesn’t end with delivery. FreightRover’s PayEngine works seamlessly with Freight xChange to expedite and simplify payments.

 

Powering a New Way to Pay

The white-labeled platform features of Freight xChange also extend to PayEngine.  Through PayEngine, shippers/3PLs get extended pay terms.  Carriers can select from 24-hour pay all the way up to their standard pay. The PayEngine platform is intuitive and user-friendly.  You can see all of your invoices in one place and it’s accessible from the Freight xChange platform.

 

Working Together for You

With both Freight xChange and PayEngine, the digitization of freight seems less daunting and more exciting than ever.  Freight xChange gives you the easy of access to capacity, from building, to tracking and finalling.  PayEngine makes sure you get your money where it needs to be, without interrupting the flow of your business.  This powerful team gives you the peace of mind you deserve, so you can get back to focusing on the important thing; keeping your freight on the move.

When it comes to shipping less-than-truckload (LTL), the devil is in the details. Systems like FreightRover’s SmartLTL eliminate the difficult work around building shipments and finding capacity at the right price. Knowing your LTL shipment’s specifics also saves you a lot of time and money. Here are FreightRover’s quick tips for LTL.

Your BOL is the bible.

Carriers live by the information you put on your BOL. If information is missing or inaccurate on your BOL, you’re likely to pay a price.

Know your freight class and NMFC number.

Knowing your freight class gives you the most accurate LTL quotes. While many systems use calculators to help you determine a freight class, these are only estimates. When doing an RFP, work with your carriers to agree on your freight class upfront. Don’t hesitate to reach out to your carriers for help in advance as well.

Reclassifications or NMFC disputes often appear on the invoice, which may not always make it over to the Operations team from Accounting. Make sure the team tendering your shipments know how the carrier is assessing the freight, so they don’t keep making the same costly errors.

Weight can’t wait.

Across our customer base, the fee we see most assessed by carriers are reweigh fees. If you ship LTL frequently, a good scale is a great investment. Mistakes like relying on weights on manufacturer boxes or forgetting to include the additional weight of your pallet will cost you. You’ll likely be assessed a reweigh fee and weight change fee. LTL carriers have individuals on the docks focused on finding loads with weights that don’t match. Don’t let one be yours.

Time is of the essence.

Narrow appointment windows or same-day shipments can prevent carriers from quoting your freight or may drive up rates. LTL carriers prefer office hours, avoid weekends, and want as much time to optimize their trucks as possible.

Share what’s special about your shipment.

To help your freight meet its delivery date, let carriers know about accessorials up front. Detail shipments that require services like liftgates, appointments, or special handling. Failing to disclose these details not only will drive up your invoice, but also could cause you to incur additional fees like reconsignments or detention.

Train your receivers to inspect shipments before signing.

Claims are frequent among LTL shipments. Unfortunately, we see many customers try to file claims after a delivery receipt was signed indicating no damage. This sets everyone up for a long battle. Work with your delivery recipients to check your shipment and take a picture of any damage before the driver leaves.

LTL volumes are expected to grow by 3% annually through 2022. As capacity becomes more difficult to come by, the savvy LTL shippers will move the most freight. FreightRover’s SmartLTL is here to help. You manage the details. SmartLTL delivers. Everyone wins.

(Indianapolis, IN., August 9, 2018) Transportation One, a Transport Topics 2018 Top Freight Brokerage Firm and one of the nation’s fastest-growing logistics companies, has joined forces with FreightRover to drive supply chain efficiencies through digital freight automation.

Record-tight capacity and record-high rates have many shippers and third-party logistics providers scrambling to develop private freight marketplaces and other proprietary solutions in response. Taking a much different approach, Transportation One selected FreightRover’s suite of tools to quickly add digital freight brokerage to its business model. The company also plans to leverage FreightRover’s customizable platform as a tailored transportation management system unique to Transportation One’s operations to support faster growth and scalability.

Transportation One now will provide their customers with a private, proprietary freight marketplace branded to their business, as well as a carrier-facing portal for quicker carrier payments (many quick pay options offered) and overall seamless payment automation. In addition, Transportation One will use FreightRover’s white-labeled SmartLTL to instantaneously gather rates from multiple carriers and simplify LTL shipment management.

“Utilizing FreightRover’s leading-edge features and leveraging its technology as the foundation to build our own robust platform enables Transportation One to become a digital freight broker that competes with the top proprietary solutions out there,” said Jamie Teets, CEO of Transportation One. “We believe that investing in both people and technology will drive efficiencies and improve carrier and shipper satisfaction that will place us at the top of the industry. We are excited for this collaborative and strategic partnership.”

FreightRover’s dynamic suite of digital products are positioned to increase Transportation One’s efficiency and productivity, improve margin to generate customer cost savings, and reduce overall operating costs. By providing customers with personalized service and employees with software that eases everyday manual processes, Transportation One is poised to continue their rapid growth.

“While the transportation industry focuses on improving efficiencies in an era when consumers demand time-sensitive and visible delivery end-to-end, Transportation One is investing in new capabilities that drive profitable growth,” said Eric Meek, CEO of FreightRover. “FreightRover has taken a comprehensive approach to technological advancement, building individual solutions to touch upon each of the fragmentation points within transportation.”
FreightRover continues to transform transportation digitization through online carrier quick pay, automated LTL rate return and invoicing, and a private freight marketplace where shippers and 3PLs post freight to their preferred carriers.

Now, transportation companies can use FreightRover’s next-generation technology suite as a solution branded to their business, effectively providing customers with the same products and services as the largest 3PLs in the industry with improved scale and speed.

About FreightRover:

FreightRover (www.freightrover.com) offers a suite of products that reach alternative capacity, streamline manual work processes, improve working capital, and increase bottom line revenue. From its “Your Load Board – Your Way,” to dynamic carrier payment processing and LTL rating and execution, FreightRover arms its customers with valuable tools to compete and win in the new digital logistics marketplace. Think of each solution like a light switch – turn on what you want, and stay in control of your freight.

About Transportation One:

Transportation One (www.transportationone.com) is a full-service, multi-modal logistics provider dedicated to meeting the demands of the transportation industry. Our innovative, energetic team understands the constantly evolving needs of shippers and carriers alike. We invest heavily in cutting-edge technology and experienced logistics professionals, allowing us to deliver superior service to all our clients. At Transportation One, we provide worry-free shipping services at prices that won’t bleed your wallet. We build mutually beneficial relationships with each customer so that at the end of the day everyone goes home happy. We operate in both domestic and international marketplaces, introducing innovative solutions for every supply chain we encounter. Put simply, when it comes to transportation, we’re the one you want.