Great North Ventures Announces Investment in Coldcart’s $6.5M Seed Round
Grant Gibson
Jul 31 2024
We are excited to announce that Great North Ventures has participated in Coldcart’s oversubscribed $6.5 million seed funding round. 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. (Business Wire)
About Coldcart
Coldcart, the first orchestration and optimization platform for frozen and refrigerated parcel logistics, is set to revolutionize the perishable shipping industry with its innovative approach.
Coldcart’s platform addresses the significant inefficiencies and high costs associated with perishable parcel shipping. By leveraging real-time data to optimize routing, packaging, and shipping, Coldcart reduces logistics costs by 15-50% per shipment and cuts refundable shipments by 40-60%. This game-changing technology is supported by a growing network of 15 fulfillment centers and multiple delivery carriers across the U.S., ensuring comprehensive coverage and efficiency.
“Coldcart’s innovative approach to solving the complexities of perishable shipping is a game-changer in logistics. Their ability to cut costs and reduce spoilage is exactly the kind of disruptive potential that we look for in a startup,” said Ryan Weber, Managing Partner at Great North Ventures.
Experienced Leaders
Founded by industry veterans Jason Park and Matt Salzberg, Coldcart has already attracted significant attention and investment from notable figures in the logistics and food delivery sectors. Jason Park’s previous success in scaling Allstate Identity Protection and Matt Salzberg’s experience with Blue Apron highlight the strong leadership driving Coldcart’s mission.
“Cold chain transportation is complex. It’s not about shipping furniture. Think about the ‘Product of Mexico’ label when you buy the next pair of avocados at the supermarket and how quickly they spoil in your fridge. Or, if you live in a remote area, ask your phlebotomist when he draws your blood for a workup panel as to where it will be sent for analysis. Refrigeration and ambient temperature guardrails are the key for safe transportation in both cases, and many others. Coldcart ensures ambient stability. Their team combines domain expertise, technical problem solving, and market reach,” added Pradip Madan Managing Partner at Great North Ventures.
What’s Next?
With this new funding, Coldcart aims to expand its customer base among perishable shippers and logistics providers, further enhancing the operational efficiencies of their platform. We look forward to seeing the positive impact Coldcart will have on the logistics industry and are proud to support their journey.
For more information about Coldcart, visit Coldcart.
Announcements: