Oversubscribed Funding Round Will Accelerate Adoption of Coldcart’s Technology Platform Across Frozen and Refrigerated Shippers and Logistics Providers

July 15, 2024 04:00 PM Pacific Daylight Time

CHICAGO–(BUSINESS WIRE)–Coldcart, the first orchestration and optimization platform for frozen and refrigerated parcel logistics, announced today that the company closed an oversubscribed $6.5 million seed financing. The round was led by Collide Capital and includes previous convertible note investments led by Material. Great North Ventures, Behind Genius Ventures, Feld Ventures, Alumni Ventures, and Service Provider Capital also participated.

“Perishable shipping is a uniquely complicated problem, requiring a uniquely experienced team”

Coldcart was founded by CEO Jason Park, who previously started and scaled Allstate Identity Protection from zero to $100 million ARR, and Blue Apron founder and former CEO Matt Salzberg. Early backers include founders, C-level, and senior executives from Marley Spoon, Home Chef, Y Combinator, and Bain & Company.

“Perishable shipping is a uniquely complicated problem, requiring a uniquely experienced team,” said Collide Capital Managing Partner Aaron Samuels, who is joining Coldcart’s board. Coldcart’s team also includes early ShipBob employees and a former pharma executive, among others.

In 2023, U.S. companies across industrial, food, pharma, and sciences shipped approximately 3 billion perishable parcels – spending over $76 billion in warehousing, packaging, and transportation costs. Because of inefficiency and refunds from spoilage, total costs consumed over 40% of sales.

Coldcart’s platform reduces perishable logistics costs by 15-50% per shipment and refundable shipments by 40-60%.

For every individual order, Coldcart’s platform decides what combination of routing, packaging, and shipping will best meet the required delivery time, based on realtime factors including cost, on-time delivery, weather, and provider availability, among others.

These decisions are then executed across a growing network of 15 fulfillment centers and multiple delivery carriers in each geographic region of the U.S., collectively reaching the entire U.S. population within required perishable delivery time. Coldcart customers can also connect their own fulfillment centers and providers.

“Traditional approaches to perishable parcel shipping are prohibitively cost and capital intensive,” said Jason Park, CEO and Co-founder of Coldcart. “The infrastructure needed to solve this problem without massive capex and opex did not exist before Coldcart.”

With this new funding, Coldcart will grow its installed base of perishable shippers and logistics providers. The resulting network effects will further increase operational efficiencies created by their platform.

About Coldcart

Coldcart is the first complete orchestration and optimization platform for frozen and refrigerated parcel logistics. Their technology automates and optimizes every step from order to delivery. Additionally, Coldcart’s platform powers a network of pre-integrated warehouse and transportation providers reaching 99% of U.S. residents and businesses.

Coldcart was founded by CEO Jason Park (founded and scaled Allstate Identity Protection to $100 million ARR, ex-Bain, ex-McMaster-Carr) and Matt Salzberg (founder/former CEO of Blue Apron).

About the founder

Jason Park is CEO and co-founder of Coldcart, a venture-backed technology platform which orchestrates and optimizes frozen and refrigerated parcel logistics.

Prior to Coldcart, Jason founded and scaled Allstate Identity Protection from zero to 3 million subscribers. He joined Allstate from Bain & Company, where he led strategy, innovation, and transformation consulting engagements for B2B and consumer technology companies. Earlier in his career, Jason held a variety of operations, product, and technology roles.

Jason is a graduate of Harvard University with an MBA from the University of Chicago.

Contacts

Coldcart Media Relations
media@coldcart.co

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