Kayne Partners Fund will join venture investors including 8VC, Fontinalis Partners, Revolution Ventures, Hearst Ventures, Prologis Ventures, Story Ventures, and Engage Ventures in supporting the growth of FreightWaves
FREMONT, CA: Leading provider of freight data and analytics, FreightWaves, secured USD 37 million in two rounds of minority investment since April. Kayne Partners Fund led the latest round of financing, the growth private equity group of Kayne Anderson Capital Advisors, L.P. Kayne Partners Fund has committed USD 30 million to accelerate FreightWaves' growth. This round puts the total capital raised by FreightWaves at USD 75 Million.
Kayne Partners Fund will join venture investors including 8VC, Fontinalis Partners, Revolution Ventures, Hearst Ventures, Prologis Ventures, Story Ventures, and Engage Ventures in supporting the growth of FreightWaves, which is focused on building a fast-growing SaaS and market data business that services the USD 9.6 trillion global logistics industry. Kayne Partners Fund's investment is a minority, non-controlling investment that will support strategic and sustainable growth. Existing management, led by founder and CEO Craig Fuller, President George Abernathy, and CFO Spencer Piland, will continue to guide the company through the next stage of growth.
"We are excited to welcome Kayne Partners Fund to the FreightWaves journey. We met with dozens of investors over the past year and felt that Kayne Partners Fund would be the best partner for FreightWaves' next stage of growth. It brings diversity to our board and provides us with capital to pursue strategic growth initiatives," said Fuller. Kayne Partners Fund Managing Partner and Co-Head of Growth Equity, Nishita Cummings will join FreightWaves' board of directors as part of the investment round.
"We are thrilled to partner with Craig, George, Spencer and the rest of the FreightWaves team to further accelerate the company's growth. FreightWaves' SONAR SaaS solution has already begun to redefine how decisions are made in the logistics space, and we look forward to supporting the team in expanding a product suite that customers throughout the freight landscape increasingly rely on to successfully manage daily operations," said Cummings.
FreightWaves grew top-line revenues by over 50 percent in the first half of 2020. More remarkably, the 2019 number included revenues from two FreightWaves LIVE events that did not occur in the first half of 2020.