Boxhub Raises $12.4M in Series A Funding to Drive Modernization of Global Shipping Container Trade
Boxhub's Leadership Team
(L-R) Bryan McEire, CTO; Maximilian Birner, Co-Founder & CEO; Tarun Somani, COO
TORONTO & NEW YORK, June 28, 2023 (VSNewsNetwork.com) - Boxhub, the largest online marketplace for shipping containers in the United States, has successfully raised $12.4 million in a Series A funding round aimed at modernizing the global shipping container trade. The company intends to leverage the funds to support its international expansion and develop innovative solutions within the industry.
Maximilian Birner, co-founder and CEO of Boxhub, highlighted the need for technological advancements in the shipping industry, stating that the existing manual processes are outdated and ripe for improvement. Boxhub has already established itself as the leading online container marketplace in the U.S., and the company is pleased to partner with prominent venture capital firms to continue its growth trajectory.
The recent funding round, led by AlleyCorp and featuring participation from Solasta Ventures, Interplay VC, FJ Labs, and Hum Capital, will provide Boxhub with the resources to broaden its market presence and introduce transformative changes. Susannah Shipton, Partner at AlleyCorp, emphasized the potential impact of Boxhub's transparent and efficient marketplace, which aims to enhance access to container supply in response to the growing demand within the industry.
Since its founding in 2017, Boxhub has been at the forefront of digital transformation in the shipping container sector. The company employs automation and a localized logistics network to optimize the fulfillment process by introducing retired containers from international trade to a thriving secondary market. This approach eliminates the costly practice of "empty repositioning," which is estimated to burden the shipping industry with significant expenses.
Despite the challenges posed by COVID-19 and global container shortages, Boxhub has experienced remarkable growth. Its platform caters to a diverse range of enterprise container buyers and has gained popularity among consumers engaging in container-based upcycling projects. Boxhub has achieved a high customer satisfaction rating, with an average Trustpilot score of 4.7 out of 5, reinforcing its position as an industry leader.
Source: Boxhub via Newswire
