Birmingham, Ala. – REPOWR announced March 15 it closed a $4.2 million Seed round.
The round was led by Koch Disruptive Technologies (KDT), the growth and venture arm of Koch Industries, Inc., with participation from Perot Jain Alliance, Plug and Play Venture Group, and several strategic angel investors.
The transportation equipment market has virtually dissipated over the last two years and fleets of all sizes are desperate for additional equipment, specifically trailers. The REPOWR marketplace allows users to book underutilized trucks and trailers within minutes.
“The amount of underutilized trailers in the supply chain is just mind-blowing and we recognized the opportunity and need to address this problem, which has ramifications across the entire supply chain,” Patrick Visintainer, CEO of REPOWR, said. “Our job at REPOWR is to bring visibility and value to this ‘invisible trailer capacity’ so the assets keep generating revenue for owners and borrowers. These are valuable assets that all fleets – but especially smaller fleets – need, so we set out to introduce a network marketplace with book-it-now capabilities.”
REPOWR is currently working with some of the largest truckload fleets in America to pioneer the world’s first collaborative asset-sharing platform. These early adopters have been equipped with the technology necessary to seamlessly share assets among both internal teams and 3rd-party networks. Users can deploy underutilized assets to the book-it-now marketplace, where asset owners can optimize trailer pools and reduce supply chain costs.
“Koch Industries is a global company with significant operations across the entire supply chain, and we appreciate the unique value proposition that REPOWR brings,” Byron Knight, COO and managing director at Koch Disruptive Technologies, said. “Our investment in REPOWR is a vote of confidence in the company’s vision to develop collaborative tools that offer shared visibility and secure chains of custody, giving operators the upper-hand in over-the-road transportation.”
REPOWR sees networks as crucial to the successes of future supply chains. During the peak of the 2020 supply chain crunch, REPOWR’s founding team recognized the insensible amount of waste caused by the lack of visibility and collaboration in the commercial equipment space. In fact, REPOWR estimates that there is more than $45 billion in underutilized trucks and trailers within the world’s supply chain.
“Traditional methods for sourcing equipment capacity are failing trucking companies, which ripples throughout the supply chain and ultimately affects the economy and consumers,” Spencer Ware, COO of REPOWR, said. “As an industry, we’re overlooking at least $45 billion in underutilized trucks and trailers alone. Collaboration unlocks transparency and visibility, so marketplace users are empowered to connect with 3rd parties to seamlessly share latent asset capacity.”
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