Titanium Ventures leads $30.5m investment in freight tech startup Alvys
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The news: Titanium Ventures, recently rebranded from Telstra Ventures, has made its first investment leading a USD20.5 million ($30.4 million) series A funding round for Alvys, a US-based startup providing an Salesforce-like interface for freight logistics companies.
The context: The investment is Titanium Ventures' first major move since its rebranding last month and comes as Telstra plans to sell its investments in the VC it funded over a decade ago, as part of efforts to free up capital and cut costs.
The numbers: Titanium has about $1.35 billion in funds under management, with investments in 99 portfolio companies. It has operated independently of Telstra since 2018 and has returned $678 in cash to investors, according to its website.
Alvys will use the new funding, which included contributions from Picus Capital as new investor, and from existing investors RTP and Bonfire, to expand its technology and hire new talent, CEO and founder Nick Darman said in a statement.
What they said: Alvys' targets inefficiencies in the smaller end of the market, helping carriers with an affordable, AI-powered cloud platform that optimises freight routes with real-time information.
“We are excited to support Alvys’ journey toward becoming a leader in freight management solutions,” Titanium Ventures general partner Saad Siddiqui said. “This is more than an investment in a company; it is an investment in the future of freight management.”
The sources: Titanium Ventures statement, Alvys press release
