Cube Route Secures $7 Million in Series B Funding.
"Cube Route has established a leadership position in on demand logistics services, and we are now ready to embrace the next phase of our growth plan," said Alex Walker, CEO of Cube Route. "Market demand for our managed logistics service is growing at an exponential pace, and with these funds in place we will broaden our reach, expand our vertical market offerings and set up programs to support new and existing channel partners."
Walker continued, "We are pleased to add CIBC Capital Partners as an institutional funding partner alongside our current investor J.L. Albright. The high level of interest we received in this round of funding further confirms our approach to the growing market for on demand logistics applications."
In conjunction with the funding announcement, Amanda Clark, Executive Director at CIBC Capital Partners is taking a seat on Cube Route's board of directors.
Over the past year, Cube Route has more than tripled its customer base, embraced new geographic markets and added new capabilities to its managed logistics service. Cube Route plans to use the new funds to continue to penetrate new markets, develop technology to support the industry specific needs of its customers, and set up marketing and other business development programs that will enable the company to increase its sales through its direct sales force and channel partners.
Cube Route's on-demand logistics service provides organizations with an easy and affordable way to track and monitor delivery and field service fleets in real time. It is used by businesses in a variety of industries to drive out operational inefficiencies, cut costs and improve customer service. Among Cube Route's industry leading customers are organizations that offer direct store delivery services, foodservice companies, home delivery businesses, and others that provide on demand delivery across North America.
About Cube Route
Cube Route facilitates the management of the delivery process for transportation and field service organizations. Offered on a pay-as-you-go subscription basis, Cube Route's managed logistics service maximizes operational efficiencies by enabling businesses to dramatically reduce costs and improve service. Cube Route's sophisticated routing, tracking and planning functionality is used to optimize routes as well as track and monitor fleets in real time - at the lowest possible cost. Recognized for its innovative service, Cube Route was listed as one of the Top 25 Canadian I.T. Up and Comers by Branham, and named to the Supply & Demand Chain Executive 100 as well as list of 100 Great Supply Chain Partners by Global Logistics & Supply Chain Strategies. For additional information on Cube Route and how its on demand logistics service and platform can impact your organization, visit www.cuberoute.com or call 1-877-227-6883.
About CIBC Capital Partners
CIBC World Markets is the wholesale banking arm of CIBC, providing a range of integrated credit and capital markets products, investment banking, and merchant banking to clients in North America and around the world. Founded in 1989, CIBC Capital Partners is responsible for all of the principal investing activities of CIBC World Markets on a global basis. CIBC Capital Partners manages numerous investment portfolios with total committed funds in excess of CAD$1.8 billion and investments in over 120 companies and approximately 150 third party funds. For more information visit www.cibcwm.com/wm/investment-banking/merchant-banking.html.
About J.L. Albright
Toronto-based J. L. Albright Venture Partners invests in emerging Internet, e-commerce, networking and software companies with exceptional prospects for growth, superior technology and a sustainable competitive advantage. For more information visit www.jlaventures.com.
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|Date:||Nov 15, 2005|
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