Cube Route Secures $7 Million in Series B Funding

Filed in archive News on November 19, 2005

Cube Route, a provider of on demand logistics services, today announced that it has secured $7 Million in a Series B round of funding from CIBC Capital Partners and J.L. Albright Venture Partners. The funds will support Cube Route's plans for growth such as expanding direct and channel sales and marketing initiatives in North America and Europe; deepening the company's product offerings to support existing markets; and introducing new products targeted at new industries.

"Cube Route has established a leadership position in on demand logistics services, and we are now ready to embrace the next phase of our growth plan," said Alex Walker, CEO of Cube Route. "Market demand for our managed logistics service is growing at an exponential pace, and with these funds in place we will broaden our reach, expand our vertical market offerings and set up programs to support new and existing channel partners."

Walker continued, "We are pleased to add CIBC Capital Partners as an institutional funding partner alongside our current investor J.L. Albright. The high level of interest we received in this round of funding further confirms our approach to the growing market for on demand logistics applications."In conjunction with the funding announcement, amanda Clark, Executive Director at CIBC Capital Partners is taking a seat on Cube Route's board of directors.

Over the past year, Cube Route has more than tripled its customer base, embraced new geographic markets and added new capabilities to its managed logistics service. Cube Route plans to use the new funds to continue to penetrate new markets, develop technology to support the industry specific needs of its customers, and set up marketing and other business development programs that will enable the company to increase its sales through its direct sales force and channel partners.