Newtown Partners portfolio company, Clockwork Logistics, today announced raising $5.5m in Seed equity financing.
Clockwork creates a single source of truth and actionable visibility into the first-mile pickup and final mile delivery, including drayage. Clockwork achieves this single source of truth by combining a simple truck driver application with a software integration into 3PL, BCO and the carrier’s existing systems which enable these parties to configure the requirements for delivery and POD for each of their customers, geographies, or type of product and puts this delivery profile in the hands of the driver. This driver application and Clockwork’s software enables small independent carriers to compete with the technology investment of larger 3PLs, enabling them to connect to global shippers across Clockwork’s platform.
Clockwork’s solution creates value for both their customers and suppliers (drivers) as,
- Beneficial Cargo Owners (BCOs) need to satisfy the growing demands of their buyers (transparency & reduced delivery times)
- 3PLs need to differentiate themselves (provide technology that can meet buyer demands) and improve margins (reduce inefficiencies through visibility)
- Carriers need to optimise routing and create ease of execution for their drivers
Newtown Partners, via the Imperial Venture Fund, led the investment round and took up a board seat. Other key investors in the round included Newark Venture Partners, PSA UnboXed, the Singaporean Port Authority’s early-stage investment arm, Vineta Ventures and TecPier based in Hamburg and Estes Final Mile, a wholly-owned subsidiary of Estes Express Lines, in Richmond, Virginia.
We found Clockwork compelling for its proven ability to scale across geographies, a strong team with extensive logistics and supply chain visibility tooling expertise, a promising pipeline of global blue-chip customers, as well as strong alignment with our supply chain visibility framework and investment thesis.
Clockwork has proven the ability to capture precise Proof of Delivery (POD) data in the delivery moment; a complex process and difficult to accomplish but the team has years of experience in getting this right. With the COVID-19 pandemic accelerating the need for enhanced supply chain visibility, we are looking forward to working with Clockwork Logistics.