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Torch Raises $3.5M Seed Funding Led by Maersk Growth | Hellenic Shipping News Worldwide


Torch Raises $3.5M Seed Funding Led by Maersk Growth
Torch, the first short-haul freight network, announced the close of a $3.5 million seed round led by Maersk Growth, with participation from Schematic Ventures, Bluestein Ventures, Anorak Ventures, Supply Chain Ventures, and SaaS Ventures. Additionally, Torch announced Mike Bosch and Robert Baggio have joined its executive team.
“The pandemic has accelerated the already growing demand for reliable short-haul capacity, and stretched the boundaries of supply chain networks,” said Torch CEO and Founder Abtin Hamidi. “Over the past decade, the average length of haul has decreased by more than 30% due to e-commerce and the dynamics of retail, CPG and other shippers. The majority of the truckload transactions are now considered short-haul, yet there are very few reliable, consistent options for shippers that are founded in digital principles.” ....

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Torch Raises $3.5M in Seed Funding


Torch, a Chicago, IL-based short-haul freight network company, closed a a $3.5m seed funding round.
The round was led by Maersk Growth, with participation from Schematic Ventures, Bluestein Ventures, Anorak Ventures, Supply Chain Ventures, and SaaS Ventures.
The company intends to use the funds to expand its network and analytics capabilities, as well as customer service efforts.
Led by CEO and Founder Abtin Hamidi, Torch provides blue-chip clients across the country with a technology platform that creates an experience tailored to the specific needs of shipments under 550 miles.
Additionally, Torch announced that Mike Bosch joined as VP of Engineering while Robert Baggio joined as VP of Operations and Strategy. ....

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